Fitbit Inc (FIT) is Downgraded by Pacific Crest to Underweight

Fitbit Inc (FIT) was Downgraded by Pacific Crest to ” Underweight”. Earlier the firm had a rating of “Sector Weight ” on the company shares. Pacific Crest advised their investors in a research report released on Sep 29, 2016.

Many Wall Street Analysts have commented on Fitbit Inc. Shares were Reiterated by Leerink Partners on Aug 3, 2016 to “Mkt Perform” and Lowered the Price Target to $ 16 from a previous price target of $18 .Fitbit Inc was Initiated by Wells Fargo to “Market Perform” on Jul 12, 2016.

On the company’s financial health, Fitbit Inc reported $0.12 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.11. The company had revenue of $586.50 million for the quarter, compared to analysts expectations of $577.93 million. The company’s revenue was up 46.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Fitbit Inc opened for trading at $16.53 and hit $16.82 on the upside on Tuesday, eventually ending the session at $16.53, with a gain of 0.30% or 0.05 points. The heightened volatility saw the trading volume jump to 58,03,458 shares. Company has a market cap of $3,672 M.

In a different news, on Sep 7, 2016, Andy Missan (EVP, GC, & SECRETARY) sold 15,000 shares at $15.14 per share price. According to the SEC, on Aug 31, 2016, Steven Joseph Murray (director) sold 151,912 shares at $15.07 per share price. On May 3, 2016, Timothy M. Roberts (EVP, INTERACTIVE) sold 47,470 shares at $18.10 per share price, according to the Form-4 filing with the securities and exchange commission.

Fitbit Inc. (Fitbit) is a provider of health and fitness products. The Company’s Fitbit 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 fitness plans and interactive workouts. It offers a number of fitness products including Fitbit Zip Fitbit One Fitbit Flex Fitbit Charge Fitbit Charge HR Fitbit Surge and Aria. Its wrist-based and clippable devices automatically track users’ daily steps calories burned distance traveled floors climbed and active minutes and display real-time feedback to encourage them to become more active in their daily lives. Fitbit Premium is its membership that serves as an around the clock virtual personal trainer delivered to users through any Web browser. It operates FitStar a provider of interactive video-based exercise experiences on mobile devices and computers.

Fitbit Inc

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