Noteworthy Price Action: A Reversal for Fitbit Inc Is Not Near. The Stock Rises Again

Noteworthy Price Action: A Reversal for Fitbit Inc Is Not Near. The Stock Rises Again

The stock of Fitbit Inc (NYSE:FIT) is a huge mover today! About 22.34M shares traded hands or 104.39% up from the average. Fitbit Inc (NYSE:FIT) has declined 41.03% since April 8, 2016 and is downtrending. It has underperformed by 46.68% the S&P500.
The move comes after 6 months positive chart setup for the $1.95 billion company. It was reported on Nov, 10 by Barchart.com. We have $14.43 PT which if reached, will make NYSE:FIT worth $1.23B more.

Fitbit Inc (NYSE:FIT) Ratings Coverage

Out of 24 analysts covering Fitbit (NYSE:FIT), 3 rate it a “Buy”, 3 “Sell”, while 18 “Hold”. This means 13% are positive. Fitbit has been the topic of 55 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Cowen & Co maintained Fitbit Inc (NYSE:FIT) rating on Thursday, November 3. Cowen & Co has “Market Perform” rating and $9 price target. The firm has “Overweight” rating by Piper Jaffray given on Monday, August 24. The firm earned “Outperform” rating on Thursday, January 21 by Raymond James. On Thursday, September 29 the stock rating was downgraded by Pacific Crest to “Underweight”. The firm earned “Neutral” rating on Wednesday, December 9 by Ladenburg Thalmann. Stifel Nicolaus maintained the stock with “Buy” rating in Thursday, January 21 report. The company was downgraded on Tuesday, February 23 by Pacific Crest. On Tuesday, September 15 the stock rating was initiated by Cleveland with “Neutral”. The rating was downgraded by Suntrust Robinson to “Hold” on Thursday, November 3. The firm has “Underweight” rating by Piper Jaffray given on Thursday, November 3.

According to Zacks Investment Research, “Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company’s product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.”

More notable recent Fitbit Inc (NYSE:FIT) news were published by: Fool.com which released: “4 Signs Fitbit Inc. Needs New Management” on November 08, 2016, also Investorplace.com with their article: “3 Problems That Are Killing Fitbit Inc (FIT) Stock” published on November 09, 2016, Investorplace.com published: “Fitbit Inc (FIT) Stock Pummeled, But It’s No One-Trick Pony” on November 08, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Fool.com and their article: “Why Fitbit Inc. Just Lost a Third of Its Value” published on November 03, 2016 as well as Investorplace.com‘s news article titled: “Fitbit Inc (FIT) Stock Shows a Dead Cat Bounce” with publication date: November 07, 2016.

FIT Company Profile

Fitbit, Inc., incorporated on March 26, 2007, is a well-known provider of health and fitness devices. The Company’s 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 customized fitness plans and interactive workouts. The Company’s core platform includes over eight wearable connected health and fitness trackers. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge and Aria. The Company’s platform includes wearable connected health and fitness trackers, which are wrist and clippable devices that automatically track users daily steps, calories burned, distance traveled, and active minutes and display real-time feedback. The Company’s trackers also measure sleep duration and quality. The Company’s products track heart rate and global positioning system (GPS) information, such as speed, distance and exercise routes. In addition, it offers a wireless fidelity (Wi-Fi) connected scale that records weight, body fat and body mass index (BMI).

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