Zacks: Brokerages Anticipate Fitbit Inc (NYSE:FIT) Will Announce Earnings of -$0.30 Per Share

Analysts expect Fitbit Inc (NYSE:FIT) to announce earnings per share (EPS) of ($0.30) for the current quarter, Zacks reports. Two analysts have issued estimates for Fitbit’s earnings. Fitbit reported earnings of ($0.14) per share during the same quarter last year, which suggests a negative year over year growth rate of 114.3%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, July 29th.

On average, analysts expect that Fitbit will report full-year earnings of ($0.72) per share for the current financial year, with EPS estimates ranging from ($0.83) to ($0.60). For the next fiscal year, analysts anticipate that the business will post earnings of ($0.61) per share. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Fitbit.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, May 6th. The scientific and technical instruments company reported ($0.24) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.24). Fitbit had a negative return on equity of 41.63% and a negative net margin of 16.35%. The company had revenue of $188.16 million for the quarter, compared to analyst estimates of $270.00 million.

NYSE FIT traded down $0.06 during trading hours on Friday, reaching $6.29. The company’s stock had a trading volume of 3,056,665 shares, compared to its average volume of 6,422,512. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.54 and a current ratio of 1.74. The company’s 50-day moving average is $6.36 and its two-hundred day moving average is $6.50. Fitbit has a fifty-two week low of $2.81 and a fifty-two week high of $7.26. The stock has a market cap of $1.49 billion, a PE ratio of -7.31 and a beta of 0.99.

In other Fitbit news, CEO James Park sold 524,183 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $6.53, for a total value of $3,422,914.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 18.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in FIT. State Street Corp lifted its position in shares of Fitbit by 11.9% in the first quarter. State Street Corp now owns 5,467,391 shares of the scientific and technical instruments company’s stock valued at $36,413,000 after acquiring an additional 581,901 shares in the last quarter. Guggenheim Capital LLC increased its position in Fitbit by 16.3% during the 1st quarter. Guggenheim Capital LLC now owns 90,519 shares of the scientific and technical instruments company’s stock worth $603,000 after purchasing an additional 12,675 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Fitbit by 233.8% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 33,804 shares of the scientific and technical instruments company’s stock valued at $225,000 after purchasing an additional 23,677 shares during the last quarter. Morgan Stanley lifted its holdings in Fitbit by 8.9% in the 1st quarter. Morgan Stanley now owns 1,151,883 shares of the scientific and technical instruments company’s stock valued at $7,673,000 after purchasing an additional 94,429 shares in the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of Fitbit by 147.5% during the 1st quarter. HighTower Advisors LLC now owns 26,850 shares of the scientific and technical instruments company’s stock worth $178,000 after purchasing an additional 16,000 shares during the last quarter. 85.79% of the stock is owned by institutional investors.

About Fitbit

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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