Zacks: Brokerages Anticipate Fitbit Inc (FIT) Will Announce Earnings of -$0.18 Per Share

Wall Street brokerages predict that Fitbit Inc (NYSE:FIT) will post earnings per share (EPS) of ($0.18) for the current quarter, according to Zacks. Five analysts have provided estimates for Fitbit’s earnings. The lowest EPS estimate is ($0.19) and the highest is ($0.16). Fitbit reported earnings of ($0.22) per share in the same quarter last year, which would indicate a positive year over year growth rate of 18.2%. The company is scheduled to announce its next quarterly earnings results on Wednesday, August 7th.

On average, analysts expect that Fitbit will report full-year earnings of ($0.15) per share for the current financial year, with EPS estimates ranging from ($0.20) to ($0.12). For the next year, analysts expect that the business will post earnings of ($0.09) per share, with EPS estimates ranging from ($0.15) to $0.01. Zacks’ EPS averages are a mean average based on a survey of research analysts that that provide coverage for Fitbit.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.07. The firm had revenue of $272.00 million for the quarter, compared to analyst estimates of $259.71 million. Fitbit had a negative net margin of 12.01% and a negative return on equity of 18.79%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) EPS.

A number of equities research analysts have recently weighed in on FIT shares. Roth Capital set a $8.00 target price on shares of Fitbit and gave the company a “buy” rating in a research note on Friday, March 8th. ValuEngine lowered shares of Fitbit from a “buy” rating to a “hold” rating in a research note on Monday, April 15th. Zacks Investment Research lowered shares of Fitbit from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. William Blair reaffirmed a “market perform” rating on shares of Fitbit in a research note on Monday, March 11th. Finally, DA Davidson raised shares of Fitbit from a “neutral” rating to a “buy” rating and lifted their price target for the company from $5.50 to $7.00 in a research report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $6.08.

In related news, EVP Andy Missan sold 7,500 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $4.99, for a total transaction of $37,425.00. Following the completion of the transaction, the executive vice president now owns 116,914 shares in the company, valued at $583,400.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 22,500 shares of company stock valued at $125,100. 18.60% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in FIT. Macquarie Group Ltd. purchased a new stake in shares of Fitbit in the fourth quarter valued at $33,000. Public Employees Retirement System of Ohio raised its stake in shares of Fitbit by 49.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock valued at $44,000 after acquiring an additional 2,950 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Fitbit in the fourth quarter valued at $55,000. Marshall Wace North America L.P. purchased a new stake in shares of Fitbit in the first quarter valued at $62,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Fitbit by 46.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,443 shares of the scientific and technical instruments company’s stock valued at $92,000 after acquiring an additional 5,854 shares during the period. 62.73% of the stock is currently owned by institutional investors.

Shares of FIT traded down $0.01 during trading hours on Friday, reaching $5.03. 42,862 shares of the company traded hands, compared to its average volume of 5,523,288. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -8.38 and a beta of 1.62. The company has a current ratio of 1.87, a quick ratio of 1.57 and a debt-to-equity ratio of 0.15. Fitbit has a 12 month low of $4.23 and a 12 month high of $7.79.

About Fitbit

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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