Fitbit Inc (FIT) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.12 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.11. The company posted revenue of $586.50 million in the period, 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.
Many Wall Street Analysts have commented on Fitbit Inc. Fitbit Inc was Initiated by Wells Fargo to “Market Perform” on Jul 12, 2016. Wedbush Initiated Fitbit Inc on Jun 9, 2016 to “Outperform”, Price Target of the shares are set at $18.
Fitbit Inc opened for trading at $13.6 and hit $13.72 on the upside on Friday, eventually ending the session at $13.66, with a gain of 0.59% or 0.08 points. The heightened volatility saw the trading volume jump to 53,49,656 shares. Company has a market cap of $2,977 M.
In a different news, on Jul 7, 2016, Andy Missan (EVP, GC, & SECRETARY) sold 10,000 shares at $12.35 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.