Wells Fargo Initiates Coverage on Fitbit Inc to Market Perform

Wells Fargo Initiates Coverage on Fitbit Inc(NYSE:FIT). The shares have been rated Market Perform. The rating by Wells Fargo was issued on Jul 12, 2016.

In a different note, Wedbush said it Initiates Coverage on Fitbit Inc, according to a research note issued on Jun 9, 2016. The shares have been rated ‘Outperform’ by the firm. 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.

Fitbit Inc (FIT) shares turned negative on Fridays trading session with the shares closing down -0.62 points or -4.50% at a volume of 73,23,079. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $13.77. The peak price level was also seen at $13.77 while the days lowest was $13.1. Finally the shares closed at $13.15. The 52-week high of the shares is $51.9 while the 52-week low is $11.65. According to the latest information available, the market cap of the company is $2,866 M.

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 Jul 7, 2016, Andy Missan (EVP, GC, & SECRETARY) sold 10,000 shares at $12.35 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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