Fitbit Inc. (FIT): Why insiders taking interest in this stock

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Fitbit Inc. (NYSE:FIT) changes shares on Tuesday trading session, with a change of -1.08% or -$0.07 shares. The trading starts at $6.47 and closed at $6.48 throughout the day. The trading session low price was $6.40 and day high was $6.49 on Tuesday, August 04. After the session, the Technology sector daily volume shifted to 12.53 million while its average volume is 6.39M. In other hand, the FIT market cap reached to $1.69B. While, its current target price is $7.35.

On August 4, 2020, Google’s $2.1 billion Fitbit deal hits roadblock as EU opens probe. According to the news reported on Reuters, Alphabet unit Google’s bid to take on Apple and Samsung in the wearable technology market by buying Fitbit hit a hurdle on Tuesday as EU antitrust regulators launched an investigation into the $2.1 billion deal.

Checking out the performance report which defines the increase or decrease of prices for a specific period. For the last 5 trading sessions, its performance is down -5.46% and up 0.16% for month. Its quarterly performance was -5.87% below, while its half year performance is down -1.69%. FIT yearly performance stood at positive 100.31% and fall -2.44% for year-to-date. Current recommendation for Fitbit Inc. is 3.00.

Earnings per share or EPS is an important financial measure, which defines the profitability of a company. FIT EPS (TTM) for 12-month is -0.86. EPS for this year is -63.90%, while for the next year its value is -0.58. Its EPS Q/Q reached 123.30%. It has an EPS of -53.90% down for past five years and for the next five years will be up 22.50%.

Let’s take a look on the analyst recommendations on FIT for the current month and previous month. For the current month, 0 of 6 analysts recommend stock as Buy while 0 as Sell, 0 as overweight, 0 as underweight and 6 as Hold. As compared with the previous month ratings, 0 analysts participate in stock recommendation. Out of 0, 0 rated it sell, 0 rated it as Buy and 0 as Hold Ratings. On the other hand, target price ranges from $7.35 – $7.35. Average target price for FIT was reached at $7.35.

Vanguard Group, Inc. (The), Goldman Sachs Group, Inc. and Blackrock Inc. are the top three holders in Fitbit Inc. (FIT) stock. On Mar 30, 2020, Vanguard Group, Inc. (The) has 22.58 million shares which valued 150.38 million. On Mar 30, 2020, Goldman Sachs Group, Inc. owned 19.21 million shares which valued at 127.94 million. On Mar 30, 2020, Blackrock Inc. has a total of 16.44 million shares which valued at 109.5 million. In the end, Blackrock Inc. have 6.92% shares outstanding of Fitbit Inc. (FIT) on Mar 30, 2020. The insider ownership moved to 0.50% and institutional holding shifted to 94.70%.

The company posted an EPS (TTM) of -0.86. According to the most recent quarter report on (Jun 2020), 5 analysts estimated an average EPS of -0.22, while -0.14 EPS posted a year ago period. Analyst Estimated EPS for FIT published in the report was -$0.31 – -$0.13 during the same period. Comparing with last year, the average estimated EPS was -0.14 which is higher than -0.24 which was posted for recent quarter EPS.

A brief look on simple moving average (SMA) that determines the market price can impact a market. The SMA for FIT fall -1.07% for period of 200 days. SMA for 50 days was -0.94% which is showing red signal, while SMA-20 was -4.06%. The moving average value for Fitbit Inc. (FIT) is 70.02M and 22.55% for 200 and 50 days respectively.

Let’s take a look on the insider transactions, in which multiple shareholders are showing interest in FIT stock. On May 13, PARK JAMES, PRESIDENT, CEO, COB, sold 524,183 trading shares at the cost of $6.53, which valued at 3.42 million. On May 12, PARK JAMES, PRESIDENT, CEO, COB, sold 628,433 shares at the cost of $6.60, with total shares of 0. On May 12, PARK JAMES, PRESIDENT, CEO, COB, sold 44,310 shares at the cost of 6.60. After this transaction, PARK JAMES total shares reached to 0 which valued at 0.29 million.