Fitbit Inc. (FIT) Is Down -3.35% in 2020 With Lots of Room to Run

Fitbit Inc. (NYSE: FIT) is -3.35% lower on its value in year-to-date trading and has touched a low of $2.81 and a high of $7.26 in the current 52-week trading range. The FIT stock was last observed hovering at around $6.40 in the last trading session, with the day’s loss setting it -0.05% off its average median price target of $7.35 for the next 12 months. It is also 13.61% off the consensus price target high of $7.35 offered by 6 analysts, but current levels are 13.61% higher than the price target low of $7.35 for the same period.

Currently trading at $6.35, the stock is 0.84% and -2.75% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 6.49 million and changing -0.78% at the moment leaves the stock 4.41% off its SMA200. FIT registered 44.32% gain for a year compared to 6-month gain of -2.16%. The firm has a 50-day simple moving average (SMA 50) of $6.42 and a 200-day simple moving average (SMA200) of $6.51.

The stock witnessed a -2.16% gain in the last 1 month and extending the period to 3 months gives it a -0.78%, and is 1.44% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.35% over the week and 2.49% over the month.

Fitbit Inc. (FIT) has around 1714 employees, a market worth around $1.64B and $1.35B in sales. Profit margin for the company is -16.40%. Distance from 52-week low is 125.98% and -12.53% from its 52-week high. The company has generated returns on investments over the last 12 months (-68.00%).

Fitbit Inc. (FIT) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Fitbit Inc. (FIT) is a “Hold”. 6 analysts offering their recommendations for the stock have an average rating of 3.00, where 6 rate it as a Hold and 0 think it is a “Overweight”. 0 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Fitbit Inc. is expected to release its quarterly report on 07/29/2020 and quarterly earnings per share for the current quarter are estimated at -$0.22 with sales reaching $189M over the same period.The EPS is expected to shrink by -63.90% this year, but quarterly earnings will post -27.80% year-over-year. Quarterly sales are estimated to shrink -39.40% in year-over-year returns.

Fitbit Inc. (FIT) Top Institutional Holders

289 institutions hold shares in Fitbit Inc. (FIT), with 3.35M shares held by insiders accounting for 1.26% while institutional investors hold 95.96% of the company’s shares. The shares outstanding are 265.66M, and float is at 234.38M with Short Float at 26.53%. Institutions hold 94.75% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 22.58 million shares valued at $150.38 million. The investor’s holdings represent 9.50% of the FIT Shares outstanding. As of Mar 30, 2020, the second largest holder is Goldman Sachs Group, Inc. with 19.21 million shares valued at $127.94 million to account for 8.08% of the shares outstanding. The other top investors are Blackrock Inc. which holds 16.44 million shares representing 6.92% and valued at over $109.5 million, while Magnetar Financial LLC holds 4.83% of the shares totaling 11.48 million with a market value of $76.46 million.

Fitbit Inc. (FIT) Insider Activity

A total of 91 insider transactions have happened at Fitbit Inc. (FIT) in the last six months, with sales accounting for 29 and purchases happening 62 times. The most recent transaction is an insider sale by PARK JAMES, the company’s PRESIDENT, CEO, COB. SEC filings show that PARK JAMES sold 524,183 shares of the company’s common stock on May 13 at a price of $6.53 per share for a total of $3.42 million. Following the sale, the insider now owns 0.0 shares.

Fitbit Inc. disclosed in a document filed with the SEC on May 12 that PARK JAMES (PRESIDENT, CEO, COB) sold a total of 628,433 shares of the company’s common stock. The trade occurred on May 12 and was made at $6.60 per share for $4.15 million. Following the transaction, the insider now directly holds 0.0 shares of the FIT stock.

Still, SEC filings show that on May 12, PARK JAMES (PRESIDENT, CEO, COB) disposed off 44,310 shares at an average price of $6.60 for $0.29 million. The insider now directly holds 0 shares of Fitbit Inc. (FIT).

Fitbit Inc. (FIT): Who are the competitors?

The company’s main competitors (and peers) include Apple Inc. (AAPL) that is trading 84.11% up over the past 12 months. Short interest in the company’s stock has risen 10.32% from the last report on Apr 29, 2020 to stand at a total of 55.77 million short shares sold with a short interest ratio of 13.32.