Fitbit, Inc. (FIT) Position Raised by Global X MANAGEMENT CO LLC
Global X MANAGEMENT CO LLC boosted its stake in Fitbit, Inc. (NYSE:FIT) by 36.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,357 shares of the scientific and technical instruments company’s stock after purchasing an additional 23,554 shares during the quarter. Global X MANAGEMENT CO LLC’s holdings in Fitbit were worth $608,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new stake in Fitbit in the second quarter valued at approximately $114,000. Amalgamated Bank lifted its position in Fitbit by 20.1% during the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares in the last quarter. Fortaleza Asset Management Inc. acquired a new position in Fitbit during the third quarter valued at approximately $154,000. Capital Fund Management S.A. acquired a new position in Fitbit during the second quarter valued at approximately $157,000. Finally, HighTower Advisors LLC acquired a new position in Fitbit during the first quarter valued at approximately $185,000. Hedge funds and other institutional investors own 52.76% of the company’s stock.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $5.90, for a total transaction of $88,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Joseph Murray sold 966,641 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $69,681.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,051,841 shares of company stock valued at $6,444,704. 29.10% of the stock is owned by insiders.
A number of research analysts have weighed in on FIT shares. Morgan Stanley reduced their price target on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research report on Monday, July 31st. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price target on the stock in a research report on Monday, October 30th. Vetr raised shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 price target on the stock in a research report on Tuesday, August 22nd. Finally, BidaskClub cut shares of Fitbit from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $7.15.
Shares of Fitbit, Inc. (NYSE:FIT) opened at $6.23 on Friday. Fitbit, Inc. has a twelve month low of $4.90 and a twelve month high of $9.05.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The firm’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share. equities analysts expect that Fitbit, Inc. will post -0.49 earnings per share for the current fiscal year.
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Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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