Schwab Charles Investment Management Inc. boosted its holdings in shares of Fitbit (NYSE:FIT) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 822,342 shares of the scientific and technical instruments company’s stock after acquiring an additional 50,718 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.40% of Fitbit worth $4,696,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. BB&T Securities LLC acquired a new position in Fitbit during the third quarter valued at approximately $116,000. Ameriprise Financial Inc. grew its holdings in Fitbit by 35.9% during the second quarter. Ameriprise Financial Inc. now owns 35,837 shares of the scientific and technical instruments company’s stock valued at $186,000 after purchasing an additional 9,461 shares during the last quarter. Private Advisor Group LLC acquired a new position in Fitbit during the third quarter valued at approximately $187,000. Prudential Financial Inc. grew its holdings in Fitbit by 253.9% during the third quarter. Prudential Financial Inc. now owns 52,023 shares of the scientific and technical instruments company’s stock valued at $362,000 after purchasing an additional 37,323 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Fitbit during the third quarter valued at approximately $396,000. 61.49% of the stock is currently owned by hedge funds and other institutional investors.
FIT has been the topic of several analyst reports. Roth Capital initiated coverage on Fitbit in a report on Friday, January 5th. They set a “buy” rating and a $10.00 price target on the stock. Stifel Nicolaus downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.00 price target on the stock. in a report on Friday, December 15th. Morgan Stanley set a $6.00 price target on Fitbit and gave the company a “hold” rating in a report on Friday, January 5th. ValuEngine downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. Finally, Cleveland Research restated a “hold” rating on shares of Fitbit in a research note on Thursday, December 21st. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Fitbit currently has a consensus rating of “Hold” and an average price target of $6.78.
In related news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $5.17, for a total value of $25,850.00. Following the completion of the transaction, the executive vice president now directly owns 125,127 shares of the company’s stock, valued at $646,906.59. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $4.62, for a total value of $69,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,000 shares of company stock valued at $291,000. 29.10% of the stock is owned by company insiders.
FIT stock traded down $0.12 during midday trading on Friday, hitting $4.79. The stock had a trading volume of 2,960,452 shares, compared to its average volume of 4,371,771. The stock has a market cap of $1,022.30, a P/E ratio of -7.37 and a beta of 1.92. Fitbit has a 52 week low of $4.51 and a 52 week high of $7.32.
Fitbit (NYSE:FIT) last issued its earnings results on Monday, February 26th. The scientific and technical instruments company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The firm had revenue of $570.76 million during the quarter, compared to the consensus estimate of $587.03 million. Fitbit had a negative return on equity of 17.11% and a negative net margin of 17.16%. research analysts anticipate that Fitbit will post -0.55 EPS for the current fiscal year.
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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.
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