|Bid||6.81 x 3000|
|Ask||7.19 x 900|
|Day's Range||6.90 - 7.22|
|52 Week Range||4.51 - 7.79|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 31, 2018 - Aug 6, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||6.06|
Index (PMI) data, output in the Consumer Goods sector is rising. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way.
As investors have bought into the story, the company’s shares have responded. William Blair, for its part, said it expects “the transition, particularly on the face of the income statement, to take some time.” Consequently, it called “the current risk/reward in Fitbit as balanced.” Wall Street, broadly, seems to feel about the same, with most of the analysts tracked by FactSet reporting “hold” ratings and the mean share price target around $6, below current levels.
Fitbit (NYSE: FIT) bears believe that Fitbit stock is overvalued, citing the company’s falling market share and revenue, as well as tough competition in the wearables space. Meanwhile, the upbeat reviews for the company’s new Versa smartwatch should cause more people to give the Fitbit product a chance– enabling them to see how it is superior to Apple Watch.
It’s been a bumper month for fitness tracking tech firm Fitbit Inc. (NYSE:FIT). FIT stock has been punished by investors over the past year despite the firm’s efforts to revive its image and reignite demand for its gadgets. While it looks painfully clear that FIT’s flagship activity trackers are headed the way of the dodo, the company’s efforts to focus on breaking into the healthcare space appear to be attracting attention in a good way.
A surprisingly bullish update and an analyst note defending a legal setback helped keep Fitbit rising. The stock has risen 26% so far in 2018.
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day three years ago, Fitbit Inc (NYSE: FIT ) went public. Where The Market Was ...
The company's recent rally - shares rose 20% between last Monday and Tuesday - came on the heels of a negatively viewed first quarter earnings report. Since that poorly received earnings report, shares are up 50%, and now trade at a 17-month high. There is no doubt that last week's mini-rally was due to renewed interest in the name brought by a Citron Research report that put a short-term $15 price target on FIT, assuming it is not acquired before hitting that level.
Fitbit stock is trading 60% higher than its 52-week low of $4.51 and 7% lower than its 52-week high of $7.79. The stock has been on an upward trajectory since the company reported sales of over 1 million Versa devices earlier this month. Last week, Citron Research stated that it has an optimistic outlook for Fitbit and expects the stock to reach $15 over the next 12 months driven by healthcare initiatives.
Fitbit (FIT) stock has returned 41.6% in the last 12 months, 41.8% in the last month, and 15.7% in the last five days. The stock fell 75.0% in 2016 and 22.0% in 2017. Since the start of 2018, Fitbit’s stock has risen almost 30.0%. Peers Garmin (GRMN), GoPro (GPRO), and Fossil (FOSL) have returned 21%, -24%, and 212%, respectively, in the trailing 12 months.
Analysts at research firm IDC said Monday that they project the wearables market to ship 124.9 million devices by the end of the year, up 8.2% from a year earlier. "While Apple Inc. will undoubtedly lead in this category, what bears watching is how [Alphabet Inc.'s ] Google and its partners move forward," IDC senior analyst Jitesh Ubrani said in a release. The analysts said that other players will also be worth watching, including Fitbit Inc. and Garmin Inc. .
Fitbit (FIT) has estimated Q2 2018 revenue to be between $275 million and $295 million, a YoY (year-over-year) decline between 22% and 17%, respectively, compared to revenue of $353.3 million in Q2 2017. Fitbit has estimated non-GAAP (generally accepted accounting principles) EPS (earnings per share) to be between -$0.27 and -$0.23 in the quarter ended in June 2018, which represents a YoY decline between 22% and 17% for the firm compared to EPS of -$0.08 in Q2 2017.
Fitbit (FIT) reported a gross margin of 47.1% in Q1 2018, up from 40% in Q1 2017. The firm has attributed the 300-basis-point increase in gross margins to the one-time reserve release of $12.4 million associated with the Wynit bankruptcy filing and a 400-basis-point increase due to lower warranty reserves and movement in the of device mix towards trackers.
Six current and former Fitbit employees were charged in a federal indictment Thursday in San Jose as they were allegedly in possession of trade secrets that they stole from their competitor Jawbone, according to a file from the U.S. Department of Justice.
Fitbit and the now-defunct Jawbone had been feuding in court for years on whether Jawbone employees who were hired by Fitbit had brought over proprietary information.
As the graph below shows, Fitbit (FIT) shipped 15.3 million devices in fiscal 2017, a 31% YoY (year-over-year) decline compared to shipments of 22.3 million in fiscal 2016. Shipments for Fitbit rose exponentially by 250% YoY to 4.5 million units in fiscal 2013, 143.6% YoY to 10.9 million units in fiscal 2014, and 96% YoY to 21.4 million units in fiscal 2015.
A few days ago, Fitbit (FIT) announced the availability of the Fitbit Ace for $99.95. Fitbit Ace is a device that was specially designed for kids over the age of eight. The Fitbit Ace provides sleep goals, celebratory messages, and badges for users.