Fitbit Inc (FIT) is Initiated by Wedbush to Outperform, Price Target at $18

Fitbit Inc (FIT) was Initiated by Wedbush to “Outperform” and the brokerage firm has set the Price Target at $18. Wedbush advised their investors in a research report released on Jun 9, 2016.

Many Wall Street Analysts have commented on Fitbit Inc. Company shares were Reiterated by Piper Jaffray on Apr 15, 2016 to “Neutral”, Firm has raised the Price Target to $ 16 from a previous price target of $14 .Longbow Initiated Fitbit Inc on Mar 31, 2016 to “Buy”, Price Target of the shares are set at $20.

On the company’s financial health, Fitbit Inc reported $0.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.03. The company had revenue of $505.40 million for the quarter, compared to analysts expectations of $440.03 million. The company’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.

Fitbit Inc closed down -0.05 points or -0.35% at $14.31 with 49,25,656 shares getting traded on Tuesday. Post opening the session at $14.3, the shares hit an intraday low of $14.21 and an intraday high of $14.44 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Jun 7, 2016, Andy Missan (EVP, GC, & SECRETARY) sold 10,000 shares at $14.35 per share price. According to the SEC, on May 3, 2016, Timothy M. Roberts (EVP, INTERACTIVE) sold 47,470 shares at $18.10 per share price. On Apr 19, 2016, Hansgregory C. Hartmann (COO) sold 150,000 shares at $17.19 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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