Fitbit, Inc. (NYSE:FIT) is one of the stocks that are grabbing investor focus today: skyrocketing 6.27% or (0.23 points) to $3.9 from its previous close of $3.67. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 9267149 contracts so far this session. FIT shares had a relatively better volume day versus average trading capacity of 5.09 million shares, but with a 0.22 billion float and a -3.42% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for FIT stock indicates that the average analyst price target is $4.99 per share. This means the stock has a potential increase of 27.95% from where the FIT share price has been trading recently which is between $3.66 and $3.82. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $2. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $8.
During the recent trading session for Fitbit, Inc. (NYSE:FIT), the company witnessed their stock drop by $-0.07 over a week and surge $0.54 from the price 20 days ago. When compared to their established 52-week high of $6.96, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 02/27/19. The recent low of $2.81 stood for a -43.97% since 08/28/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.64 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for FIT is set at $5, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for Fitbit, Inc., the two-week RSI stands at 62.5. This figure suggests that FIT stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current FIT readings is similarly very revealing as it has a stochastic reading of 80.95% at this stage. This figure means that FIT share price today is being oversold.
Technical chart claims that Fitbit, Inc. (FIT) would settle between $3.77/share to $3.88/share level. However, if the stock price goes below the $3.61 mark, then the market for Fitbit, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.56 for its downside target.
Analysts at DA Davidson raised their recommendation on shares of FIT from Neutral to Buy in their opinion released on February 28. Wedbush analysts have lowered their rating of Fitbit, Inc. (NYSE:FIT) stock from Outperform to Neutral in a separate flash note issued to investors on February 22. Analysts at Wedbush released an upgrade from Neutral to Outperform for the stock, in a research note that dated back to October 12.
FIT equity has an average rating of 2.82, with the figure leaning towards a bullish end. 9 analysts who tracked the company were contacted by Reuters. Amongst them, 5 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 3 analysts rated Fitbit, Inc. (NYSE:FIT) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, FIT stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 21.6. Fitbit, Inc. current P/B ratio of 1.5 means it is trading at a discount against its industry’s 3.9.
Fitbit, Inc. (FIT)’s current-quarter revenues are projected to climb by nearly -12.3% to hit $345260, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -4.1% from $1.51 billion to a noteworthy $1.45 billion. At the other end of the current quarter income statement, Fitbit, Inc. is expected to see its adjusted earnings surge by roughly -350% to hit $-0.1 per share. For the fiscal year, FIT’s earnings are projected to climb by roughly -75% to hit $-0.35 per share.