Fitbit stock tumbles 12%, but Oppenheimer analyst remains bullish

Fitbit stock tumbles 12%, but Oppenheimer analyst remains bullish

(NYSE:FIT) were released by: and their article: "Fitbit earnings: How many Ionic smartwatches were under Christmas trees?" published on February 24, 2018 as well as's news article titled: "Fitbit's Guidance Is Disappointing" with publication date: February 27, 2018.

Because the Ionic failed to appeal to the mass market, Fitbit expects Q1 sales to be weak. Also, increasing competition impacted results. Its book value per share for the most recent quarter is $3.55 while its price to book ratio for the same period is 1.49, as for as the company's cash per share for the most recent quarter is $2.83, however its price to cash per share ratio for the same period is 1.87. However, management has taken some recovery initiatives that include cost structuring and focus on new smartwatches.

FIT has been the subject of several other reports. Stifel Nicolaus maintained the stock with "Hold" rating in Friday, June 23 report. Cowen & Co initiated it with "Market Perform" rating and $38 target in Thursday, September 10 report.

Fitbit reported 5.4 million devices sold in the fourth quarter-the first full quarter in which its new Ionic watch was available-and 15.3 million devices for the year. Finally, Roth Capital began coverage on shares of Fitbit in a research note on Friday, January 5th. (NASDAQ:FIT), 1 rate it "Buy", 2 "Outperform", 8 "Underperform", 1 "Sell", while 1 "Hold".

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Fitbit's shares, which are trading 76 per cent below their IPO price, have fallen 10 per cent in the past 12 months. On Monday, that helped to result in a huge disappointment from the company, one that is sending shares to new lows in the after-hours session.

Moving average convergence divergence (MACD) shows that the stock is on a PRICE RELATIVITY trend. Following the completion of the transaction, the executive vice president now owns 109,475 shares of the company's stock, valued at approximately $745,524.75. Average selling price increased 20 percent to $102 per device driven by adding Fitbit IonicTM, our smartwatch, to device mix. The disclosure for this sale can be found here. Also, Director Jon Callaghan sold 15,000 shares of the business's stock in a transaction on Tuesday, January 2nd. Corporate insiders own 29.10% of the company's stock. Greenwich Wealth Management LLC boosted its holdings in Fitbit by 84.1% during the 4th quarter. Insiders have sold a total of 60,000 shares of company stock valued at $357,750 over the last 90 days. After $-0.01 actual earnings per share reported by MRC Global Inc. for the previous quarter, Wall Street now forecasts -1,400.00% EPS growth. Vanguard Group Inc. grew its holdings in shares of Fitbit by 13.9% in the second quarter. Vanguard Group Inc is the second biggest holder with 14 million shares now valued at 98.39 million whilst DNB Asset Management AS has 14 million shares valued at 80.45 million. These holdings make up 59.08% of the company's outstanding shares.

On an adjusted basis, Fitbit revealed Non-GAAP net loss of 2 cents a share for the fourth quarter.

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