Alps Advisors Inc. purchased a new position in shares of Fitbit (NYSE:FIT) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 23,754 shares of the scientific and technical instruments company’s stock, valued at approximately $121,000.
A number of other large investors have also modified their holdings of FIT. Investors Research Corp acquired a new position in shares of Fitbit during the 4th quarter worth about $101,000. Greenwich Wealth Management LLC increased its stake in shares of Fitbit by 84.1% during the 4th quarter. Greenwich Wealth Management LLC now owns 23,425 shares of the scientific and technical instruments company’s stock worth $134,000 after purchasing an additional 10,700 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new position in shares of Fitbit during the 4th quarter worth about $139,000. Ingalls & Snyder LLC acquired a new position in shares of Fitbit during the 4th quarter worth about $140,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Fitbit during the 4th quarter worth about $296,000. 59.52% of the stock is currently owned by hedge funds and other institutional investors.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $4.62, for a total transaction of $69,300.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $4.97, for a total transaction of $2,485,000.00. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $56,866.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,305,572 shares of company stock worth $6,654,724. Company insiders own 19.84% of the company’s stock.
FIT has been the topic of several recent analyst reports. Stifel Nicolaus upgraded shares of Fitbit from a “sell” rating to a “hold” rating and lowered their price objective for the stock from $6.00 to $5.50 in a research note on Wednesday, January 31st. Citigroup restated a “sell” rating and set a $4.50 price objective (down from $5.00) on shares of Fitbit in a research note on Tuesday, February 27th. Bank of America restated an “underperform” rating on shares of Fitbit in a research note on Tuesday, February 27th. Zacks Investment Research lowered shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Finally, Morgan Stanley set a $5.00 price objective on shares of Fitbit and gave the stock a “hold” rating in a research note on Tuesday, February 27th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $5.94.
Shares of Fitbit opened at $5.19 on Friday, according to Marketbeat.com. Fitbit has a 52 week low of $4.51 and a 52 week high of $7.32. The stock has a market capitalization of $1.09 billion, a P/E ratio of -7.98 and a beta of 1.89.
Fitbit (NYSE:FIT) last announced its quarterly earnings results on Monday, February 26th. The scientific and technical instruments company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.06). Fitbit had a negative net margin of 19.05% and a negative return on equity of 19.17%. The company had revenue of $570.76 million during the quarter, compared to analyst estimates of $587.03 million. equities analysts forecast that Fitbit will post -0.65 earnings per share for the current year.
Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.
Want to see what other hedge funds are holding FIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fitbit (NYSE:FIT).
Receive News & Ratings for Fitbit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit and related companies with MarketBeat.com's FREE daily email newsletter.