The stock of Fitbit Inc (NYSE:FIT) hit a new 52-week low and has $7.72 target or 7.00% below today’s $8.30 share price. The 6 months bearish chart indicates high risk for the $1.83B company. The 1-year low was reported on Nov, 29 by Barchart.com. If the $7.72 price target is reached, the company will be worth $128.10 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 6.03M shares traded hands. Fitbit Inc (NYSE:FIT) has declined 51.70% since April 26, 2016 and is downtrending. It has underperformed by 56.96% the S&P500.
Analysts await Fitbit Inc (NYSE:FIT) to report earnings on February, 27. They expect $0.10 earnings per share, down 65.52% or $0.19 from last year’s $0.29 per share. FIT’s profit will be $22.05 million for 20.75 P/E if the $0.10 EPS becomes a reality. After $0.13 actual earnings per share reported by Fitbit Inc for the previous quarter, Wall Street now forecasts -23.08% negative EPS growth.
Fitbit Inc (NYSE:FIT) Ratings Coverage
Out of 24 analysts covering Fitbit (NYSE:FIT), 3 rate it a “Buy”, 2 “Sell”, while 19 “Hold”. This means 13% are positive. Fitbit has been the topic of 56 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The rating was maintained by Stifel Nicolaus with “Buy” on Thursday, August 6. The stock of Fitbit Inc (NYSE:FIT) earned “Overweight” rating by Morgan Stanley on Tuesday, September 8. The stock of Fitbit Inc (NYSE:FIT) earned “Hold” rating by SunTrust on Thursday, November 3. Barclays Capital upgraded Fitbit Inc (NYSE:FIT) rating on Monday, November 30. Barclays Capital has “Overweight” rating and $49 price target. The firm has “Neutral” rating by Dougherty & Company given on Thursday, August 6. Pacific Crest downgraded the shares of FIT in a report on Tuesday, February 23 to “Sector Weight” rating. Leerink Swann maintained the shares of FIT in a report on Thursday, November 3 with “Market Perform” rating. On Thursday, November 3 the stock rating was maintained by Stifel Nicolaus with “Hold”. The stock of Fitbit Inc (NYSE:FIT) has “Sell” rating given on Friday, August 7 by Vetr. Morgan Stanley downgraded Fitbit Inc (NYSE:FIT) rating on Thursday, November 3. Morgan Stanley has “Equal-Weight” rating and $11 price target.
According to Zacks Investment Research, “Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company’s product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.”
More notable recent Fitbit Inc (NYSE:FIT) news were published by: Marketwatch.com which released: “Fitbit stock tanks as manufacturing woes, slower demand batter holiday sales” on November 02, 2016, also Fool.com with their article: “4 Signs Fitbit Inc. Needs New Management” published on November 08, 2016, Investorplace.com published: “Fitbit Inc (FIT) Stock Is Near a Palatable Valuation, But Don’t Buy!” on November 22, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Fool.com and their article: “Better Buy: Fitbit Inc vs. Nike Inc” published on November 15, 2016 as well as Ibtimes.com‘s news article titled: “Fitbit Inc. (FIT) Earnings Preview: With Wearable Market More Crowded, Shares …” with publication date: November 01, 2016.
FIT Company Profile
Fitbit, Inc., incorporated on March 26, 2007, is a well-known provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. The Company’s core platform includes over eight wearable connected health and fitness trackers. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge and Aria. The Company’s platform includes wearable connected health and fitness trackers, which are wrist and clippable devices that automatically track users daily steps, calories burned, distance traveled, and active minutes and display real-time feedback. The Company’s trackers also measure sleep duration and quality. The Company’s products track heart rate and global positioning system (GPS) information, such as speed, distance and exercise routes. In addition, it offers a wireless fidelity (Wi-Fi) connected scale that records weight, body fat and body mass index (BMI).
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