The Vanguard Group, Inc. recently announced the acquisition of new stake in Fitbit Inc. (NYSE:FIT). The institutional investor has increased its shareholding in the Technology company by 2.41% to 22.63 million shares with purchase of 0.53 million shares. This fresh investment now brings its stake to 9.52% valued currently at $148.0 million. In addition, BlackRock Fund Advisors raised its holdings by 1.19 million to 15.74 million shares.
With over 4.3 million Fitbit Inc. (FIT) shares trading Tuesday and a closing price of $6.46 on the day, the dollar volume was approximately $27.81 million. The shares have shown a positive weekly performance of 1.41% and its price on 08/25/20 gained nearly 1.41%. Currently, there are 267.87M common shares owned by the public and among those 240.85M shares have been available to trade.
Incidentally, analysts’ outlook for the Fitbit Inc. stock is 3.00 for the next 12 months.
Insiders at the company have transacted a total of 164 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 115 of these insider trades were purchases, accounting for 6,400,044 shares. Insider sales of the common stock occurred on 49 occasions, with total insider shares sold totaling 6,339,785 shares.
The top 3 mutual fund holders in Fitbit Inc. are CS Invt. Fds. 2 – (Lux) Digital H, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. CS Invt. Fds. 2 – (Lux) Digital H owns 9.2 million shares of the company’s stock, all valued at over $60.17 million. The company bought an additional 2.78 million shares recently to bring their total holdings to about 3.87% of the shares outstanding. Vanguard Total Stock Market Index sold -0.11 million shares to see its total holdings shrink to 6.7 million shares valued at over $43.82 million and representing 2.82% of the shares outstanding. Vanguard Small Cap Index Fund sold 59101.0 shares to bring its total holdings to over 5.9 million shares at a value of $38.58 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.48% of the shares outstanding.
Shares of Fitbit Inc. (NYSE: FIT) opened at $6.37, unchanged from a prior closing price of $6.37. However, the script later closed the day at $6.46, up 1.41%. The company’s stock has a 5-day price change of 1.41% and -2.71% over the past three months. FIT shares are trading -1.67% year to date (YTD), with the 12-month market performance up to 119.73% higher. It has a 12-month low price of $2.81 and touched a high of $7.26 over the same period. Currently, 4.3 million shares have been traded, compared to an average intraday trading volume of 6.35 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.47%, -0.46%, and -1.38% respectively.
Institutional ownership of Fitbit Inc. (NYSE: FIT) shares accounts for 94.75% of the company’s 267.87M shares outstanding. Mutual fund holders own 61.91%, while other institutional holders and individual stakeholders account for 8.68% and 40.79% respectively.
It has a market capitalization of $1.75B and a beta (3y monthly) value of 0.83. The earnings-per-share (ttm) stands at -$0.98. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.50% over the week and 1.66% over the month.
Analysts forecast that Fitbit Inc. (FIT) will achieve an EPS of -$0.15 for the current quarter, -$0.12 for the next quarter and -$0.67 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.17 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to decrease by -63.90%, and 0.00% over the next financial year. EPS should grow at an annualized rate of 22.50% over the next five years, compared to -53.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Fitbit Inc. (FIT) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 4 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FIT, a number of firms have released research notes about the stock. DA Davidson stated their Buy rating for the stock in a research note on February 28, 2019, with the firm’s price target at $5.50-$7. Wedbush coverage for the Fitbit Inc. (FIT) stock in a research note released on February 22, 2019 offered a Neutral rating with a price target of $6.50. Wedbush was of a view on October 12, 2018 that the stock is Outperform, while William Blair gave the stock Mkt Perform rating on June 20, 2018, issuing a price target of. Cascend Securities on their part issued Hold rating on May 17, 2018.