Tocqueville Asset Management L.P. Buys Shares of 65,000 Fitbit, Inc. (FIT)

Tocqueville Asset Management L.P. bought a new position in shares of Fitbit, Inc. (NYSE:FIT) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 65,000 shares of the scientific and technical instruments company’s stock, valued at approximately $452,000.

Several other hedge funds also recently made changes to their positions in FIT. Renaissance Technologies LLC raised its position in shares of Fitbit by 193.6% in the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after buying an additional 3,126,706 shares in the last quarter. Vanguard Group Inc. increased its position in Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after acquiring an additional 1,567,672 shares during the period. State Street Corp increased its position in Fitbit by 68.0% in the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after acquiring an additional 1,348,058 shares during the period. Northern Trust Corp boosted its stake in shares of Fitbit by 191.8% in the 2nd quarter. Northern Trust Corp now owns 1,946,325 shares of the scientific and technical instruments company’s stock valued at $10,335,000 after purchasing an additional 1,279,330 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Fitbit by 27.9% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock valued at $36,692,000 after purchasing an additional 1,149,580 shares during the last quarter. 52.76% of the stock is owned by institutional investors and hedge funds.

Shares of Fitbit, Inc. (NYSE:FIT) opened at $6.23 on Friday. Fitbit, Inc. has a 52-week low of $4.90 and a 52-week high of $9.05.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $392.50 million for the quarter, compared to analyst estimates of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The business’s revenue was down 22.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 earnings per share. analysts predict that Fitbit, Inc. will post -0.49 EPS for the current fiscal year.

In other Fitbit news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $5.91, for a total value of $29,550.00. Following the completion of the sale, the executive vice president now owns 71,419 shares of the company’s stock, valued at $422,086.29. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $5.90, for a total value of $88,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,051,841 shares of company stock worth $6,444,704. Insiders own 29.10% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Tocqueville Asset Management L.P. Buys Shares of 65,000 Fitbit, Inc. (FIT)” was first published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another website, it was illegally copied and reposted in violation of US & international copyright and trademark law. The original version of this article can be accessed at https://ledgergazette.com/2017/11/19/tocqueville-asset-management-l-p-acquires-shares-of-65000-fitbit-inc-fit.html.

FIT has been the topic of several research analyst reports. Benchmark Co. reissued a “buy” rating on shares of Fitbit in a research note on Thursday, August 3rd. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a report on Tuesday, August 8th. Vetr upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.79 price objective for the company in a report on Wednesday, August 16th. Morgan Stanley cut their target price on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating for the company in a research report on Monday, July 31st. Finally, Longbow Research restated a “hold” rating on shares of Fitbit in a research report on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $7.15.

About Fitbit

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.

Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

Receive News & Ratings for Fitbit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply