Tocqueville Asset Management L.P. acquired a new position in shares of Fitbit, Inc. (NYSE:FIT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 65,000 shares of the scientific and technical instruments company’s stock, valued at approximately $452,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in FIT. Principal Financial Group Inc. acquired a new stake in Fitbit during the 2nd quarter worth about $114,000. Amalgamated Bank raised its stake in shares of Fitbit by 20.1% during the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after purchasing an additional 3,698 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new stake in shares of Fitbit during the 3rd quarter worth about $154,000. Capital Fund Management S.A. purchased a new stake in shares of Fitbit during the 2nd quarter worth about $157,000. Finally, HighTower Advisors LLC raised its stake in shares of Fitbit by 5.6% during the 2nd quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock worth $174,000 after purchasing an additional 1,735 shares in the last quarter. Hedge funds and other institutional investors own 56.23% of the company’s stock.
A number of research firms have recently weighed in on FIT. Stifel Nicolaus reaffirmed a “hold” rating and set a $6.00 price target on shares of Fitbit in a research note on Friday, November 3rd. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research note on Monday, October 30th. Cowen and Company set a $6.00 price target on Fitbit and gave the stock a “hold” rating in a research note on Monday, October 23rd. Morgan Stanley raised their price target on Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a research note on Friday, October 20th. Finally, Vetr raised Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price target for the company in a research note on Thursday, October 19th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $7.30.
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Shares of Fitbit, Inc. (FIT) opened at $5.81 on Friday. Fitbit, Inc. has a fifty-two week low of $4.90 and a fifty-two week high of $9.75.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The company had revenue of $392.50 million for the quarter, compared to analyst estimates of $391.70 million. During the same quarter last year, the firm earned $0.19 EPS. Fitbit’s revenue for the quarter was down 22.1% compared to the same quarter last year. equities research analysts predict that Fitbit, Inc. will post -0.49 EPS for the current year.
In other news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.90, for a total transaction of $88,500.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.91, for a total value of $29,550.00. Following the sale, the executive vice president now directly owns 71,419 shares in the company, valued at approximately $422,086.29. The disclosure for this sale can be found here. Insiders have sold a total of 85,000 shares of company stock worth $556,650 in the last three months. 29.10% of the stock is owned by insiders.
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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