The stock of Fitbit, Inc. (NYSE:FIT) is now priced at $6.46 and the shares are 0.09 points up or 1.41% higher compared to its previous closing price of $6.37. The stock had 4.285 million contracts set over the past session. FIT shares’ daily volume is compared to its average trading volume at 6.354 million shares. However, it has a float of 241 million and although its performance was 1.41% over the week, it’s one to watch. Analysts have given the FIT stock a yearly average price target of $7.35 per share. It means the stock’s upside potential is 13.78% with the FIT share price recently placing at $6.32 to $6.53.
The shorts are running away from the Fitbit, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FIT shares have declined. Short interest in the stock represents just 23.68% of its float, but the volume has dropped by 0.
In the last trading session, Fitbit, Inc. (NYSE:FIT) raised by $0.09 over the week and lost -$0.32 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.26. The stock recorded its established 52-week high on 11/01/19.
Since 08/28/19, the stock has traded to a low of $2.81 at 129.89%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Fitbit, Inc.’s two-week RSI is 52.29. This suggests that the stock is neutral at the moment and that FIT shares’ price movement remains stable. The stochastic readings are equally revealing at 41.56% meaning the FIT share price is currently in neutral territory.
The technical chart shows that the FIT stock will likely settle at between $6.55 and $6.65 per share. However, if the stock dips below $6.34, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.23.
Currently, the stock is trading in the green of MACD, with a reading of 0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at DA Davidson raised their recommendation for FIT from Neutral to Buy in February 28 review while maintain their target price of $5.50 to $7. Wedbush analysts downgraded their recommendation of the stock from Outperform to Neutral while keeping its target price at $6.5 in a flash note released to investors on February 22. Wedbush seeing the improvements upgraded the stock from Neutral to Outperform on October 12.
The average rating for the FIT equity is 3 and is currently gathering a bullish momentum. Of 6 analysts tracking Fitbit, Inc. polled by Reuters, 6 rated FIT as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 48.9. Fitbit, Inc. has its P/E ratio at 4, which means that the stock is currently trading at a premium relative to the 3.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Fitbit, Inc. (NYSE:FIT) will decrease by about -99.89%, which will see them reach $298 million. The company’s full-year revenues are, however, expected to diminish by about -16.78%, down from $1430 million to $1190 million. FIT’s expected adjusted earnings should surge almost 50% to end up at -$0.15 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 31.37% to record -$0.67/share.