Fitbit Hits All-Time High Hours Before Earnings Report

Shares of Fitbit Inc FIT hit an all-time high of $51.20 on Wednesday, hours before the announcement of the company’s second-quarter financial results, scheduled for after the market close.

Since The IPO

Since the stock started trading on the New York Stock Exchange on June 19, shares are up roughly 70 percent. But while the market seems decidedly bullish on Fitbit, analysts are mixed.

On the day the lockup expired, at least 10 major Wall Street research firms initiated coverage on the stock; six issued Neutral ratings (or equivalents such as Equal-weight or Market Perform), three said shares were a Buy and one assumed coverage with at Overweight.

Heading Into Earnings

Many investors might be asking why did Fitbit hit an all-time high on Wednesday. Are earnings expectations that high?

Not quite, but the market seems excited about the first earnings call since the company went public.

Related Link: Is Fitbit Still A Buy Heading Into Earnings?

According to Estimize, the Street is modeling consensus earnings of $0.08 per share on revenue of $321.93 million, while the crowd is projecting earnings of $0.14 per share on sales of $336.79 million.

These estimates compare to the earnings of $0.09 per share on revenue of $113.57 million reported in the second quarter of 2014, and to earnings of $0.28 per share on revenue of $336.75 million retrieved last quarter.

Shares of Fitbit were recently up 1.6 percent at $50.51.