Company Shares of Fitbit Drops by -9.01%

Fitbit (NYSE:FIT) has tumbled 9.01% during the past week and has dropped 12.12% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 7.92%. Fitbit (NYSE:FIT) has underperformed the index by 12.93% in the last 4 weeks. Investors should watch out for further signals and trade with caution.

Fitbit (NYSE:FIT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $12.73 and $12.66 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $13.00. The buying momentum continued till the end and the stock did not give up its gains. It closed at $12.83, notching a gain of 0.94% for the day. The total traded volume was 10,055,505 . The stock had closed at $12.71 on the previous day.

On the companys insider trading activities, The Securities and Exchange Commission has divulged that Missan Andy, officer (EVP, GC, & SECRETARY) of Fitbit Inc, had unloaded 10,000 shares at an average price of $14.35 in a transaction dated on June 6, 2016. The total value of the transaction was worth $143,500.

Many analysts have stated their opinion on the company shares. Wedbush initiates coverage on Fitbit (NYSE:FIT) . The global brokerage major announces a current price target of $18 per share. Analysts at the Wedbush have a current rating of Outperform on the shares. The rating by the firm was issued on June 9, 2016. Currently the company Insiders own 37.29% of Fitbit shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -6.67% . Institutional Investors own 46.83% of Fitbit shares. During last six month period, the net percent change held by insiders has seen a change of -96.05%.

Fitbit, Inc. (Fitbit) is a provider of health and fitness products. The Companys 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.

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