Price Action Alert: After Today’s Huge Increase, Is Fitbit Inc’s Near-Term Analysis Positive?

Price Action Alert: After Today's Huge Increase, Is Fitbit Inc's Near Term Analysis Positive?

The stock of Fitbit Inc (NYSE:FIT) is a huge mover today! About 3.61M shares traded hands. Fitbit Inc (NYSE:FIT) has declined 53.81% since April 28, 2016 and is downtrending. It has underperformed by 59.74% the S&P500.
The move comes after 8 months positive chart setup for the $1.92 billion company. It was reported on Dec, 1 by Barchart.com. We have $8.84 PT which if reached, will make NYSE:FIT worth $76.80M more.

Analysts await Fitbit Inc (NYSE:FIT) to report earnings on February, 27. They expect $0.10 EPS, down 65.52% or $0.19 from last year’s $0.29 per share. FIT’s profit will be $22.59 million for 21.25 P/E if the $0.10 EPS becomes a reality. After $0.13 actual EPS reported by Fitbit Inc for the previous quarter, Wall Street now forecasts -23.08% negative EPS growth.

Fitbit Inc (NYSE:FIT) Ratings Coverage

Out of 24 analysts covering Fitbit (NYSE:FIT), 3 rate it a “Buy”, 2 “Sell”, while 19 “Hold”. This means 13% are positive. Fitbit has been the topic of 56 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating given on Thursday, November 3 by Stifel Nicolaus. The stock of Fitbit Inc (NYSE:FIT) earned “Outperform” rating by RBC Capital Markets on Monday, January 25. The firm has “Overweight” rating by Barclays Capital given on Monday, November 30. The stock of Fitbit Inc (NYSE:FIT) earned “Neutral” rating by Cleveland on Tuesday, September 15. The firm earned “Neutral” rating on Thursday, November 3 by Wedbush. On Thursday, November 3 the stock rating was maintained by Cowen & Co with “Market Perform”. The firm has “Outperform” rating by Oppenheimer given on Tuesday, February 2. As per Thursday, September 10, the company rating was initiated by Cowen & Co. Vetr upgraded the stock to “Sell” rating in Friday, August 7 report. The firm has “Buy” rating by Bank of America given on Tuesday, November 17.

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: Profitconfidential.com which released: “Fitbit Inc: Could This Deal Help Lift FIT Stock?” on December 01, 2016, also Marketwatch.com with their article: “Fitbit stock tanks as manufacturing woes, slower demand batter holiday sales” published on November 02, 2016, Fool.com published: “4 Signs Fitbit Inc. Needs New Management” on November 08, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Fool.com and their article: “Better Buy: Fitbit Inc vs. Nike Inc” published on November 15, 2016 as well as Ibtimes.com‘s news article titled: “Fitbit Inc. (FIT) Earnings Preview: With Wearable Market More Crowded, Shares …” with publication date: November 01, 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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