New York State Common Retirement Fund trimmed its holdings in shares of Fitbit, Inc. (NYSE:FIT) by 54.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 168,200 shares of the scientific and technical instruments company’s stock after selling 200,883 shares during the quarter. New York State Common Retirement Fund owned 0.09% of Fitbit worth $893,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in FIT. Principal Financial Group Inc. purchased a new position in Fitbit in the second quarter valued at about $114,000. Amalgamated Bank grew its stake in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after purchasing an additional 3,698 shares during the last quarter. Kissinger Financial Services LLC purchased a new position in Fitbit in the second quarter valued at about $153,000. Capital Fund Management S.A. purchased a new position in Fitbit in the second quarter valued at about $157,000. Finally, HighTower Advisors LLC purchased a new position in Fitbit in the first quarter valued at about $185,000. Institutional investors and hedge funds own 52.76% of the company’s stock.
Several equities research analysts have weighed in on the company. Vetr downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price target for the company. in a report on Thursday, September 28th. Zacks Investment Research downgraded Fitbit from a “buy” rating to a “hold” rating in a report on Wednesday, September 13th. Stifel Nicolaus set a $6.00 price target on Fitbit and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Deutsche Bank AG decreased their target price on Fitbit from $6.50 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 3rd. Finally, Benchmark Co. reaffirmed a “buy” rating on shares of Fitbit in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $7.15.
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In related news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glenda J. Flanagan purchased 18,248 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $5.48 per share, with a total value of $99,999.04. Following the transaction, the director now directly owns 29,753 shares of the company’s stock, valued at approximately $163,046.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 85,200 shares of company stock valued at $557,860. 29.10% of the stock is currently owned by insiders.
Fitbit, Inc. (NYSE:FIT) traded up $0.02 on Wednesday, hitting $6.00. The stock had a trading volume of 3,463,300 shares, compared to its average volume of 7,827,903. Fitbit, Inc. has a fifty-two week low of $4.90 and a fifty-two week high of $9.75.
Fitbit (NYSE:FIT) last posted its quarterly earnings data 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 company had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The firm’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same period last year, the firm earned $0.19 EPS. sell-side analysts forecast that Fitbit, Inc. will post -0.49 earnings per share for the current year.
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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