Wedbush Initiates Coverage on Fitbit Inc to Outperform

Wedbush Initiates Coverage on Fitbit Inc(NYSE:FIT). The shares have been rated Outperform. The rating by Wedbush was issued on Jun 9, 2016.

In a different note, On Apr 21, 2016, Cowen & Company said it Maintains its rating on Fitbit Inc. In the research note, the firm Raises the price-target to $19.00 per share. The shares have been rated ‘Market Perform’ by the firm. Longbow Research said it Initiates Coverage on Fitbit Inc, according to a research note issued on Mar 31, 2016. The shares have been rated ‘Buy’ by the firm.

Fitbit Inc (FIT) made into the market gainers list on Wednesdays trading session with the shares advancing 1.77% or 0.23 points. Due to strong positive momentum, the stock ended at $13.24, which is also near the day’s high of $13.57. The stock began the session at $13.1 and the volume stood at 81,96,325 shares. The 52-week high of the shares is $51.9 and the 52 week low is $11.91. The company has a current market capitalization of $2,886 M and it has 21,79,46,850 shares in outstanding.

Fitbit Inc(FIT) last announced its earnings results on May 4, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $505.36M. Analysts had an estimated revenue of $442.51M. Earnings per share were $0.10. Analysts had estimated an EPS of $0.02.

Several Insider Transactions has been reported to the SEC. On Jun 7, 2016, Andy Missan (EVP, GC, & SECRETARY) sold 10,000 shares at $14.35 per share price.Also, On May 26, 2016, Philip Douglas Black (10% owner) sold 25,000 shares at $14.01 per share price.On May 3, 2016, Timothy M. Roberts (EVP, INTERACTIVE) sold 47,470 shares at $18.10 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.

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