Most Analysts Remain Bullish Heading Into FitBit's Q2 Earnings Report

Fitbit Inc FIT is trading down 3.3 percent at $13.24, below its 50-day and 200-day moving averages. However, analysts remain bullish on the company's results.

Last month, Wells Fargo initiated coverage on Fitbit with a Market Perform rating. Wedbush rated the company Outperform. The consensus price target is $21.63, which means the stock has about 40 percent upside.

If the past is any indication, the company's earnings topped the Street analysts' estimations by 233.3 percent at the highest level and 40 percent at the lowest level in the last four quarters. However, guidance would play a key role.

Analysts' are expecting EPS of $0.11 on revenue of $578.48 million for the second quarter.

While releasing first quarter results, Fitbit guided adjusted EPS to be $0.08-$0.11 on revenue of $565-$585 million. This was enough to hammer the stock by 18.8 percent the next day (May 5).

Analysts have slashed their EPS projection to $0.17 for the third quarter from $0.30 three months ago.