Bank of New York Mellon Corp raised its position in shares of Fitbit Inc (NYSE:FIT) by 10.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 937,916 shares of the scientific and technical instruments company’s stock after buying an additional 86,757 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fitbit were worth $4,661,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in FIT. Stevens Capital Management LP purchased a new stake in shares of Fitbit during the fourth quarter valued at about $55,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Fitbit by 46.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,443 shares of the scientific and technical instruments company’s stock valued at $92,000 after purchasing an additional 5,854 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Fitbit in the 4th quarter valued at approximately $121,000. Man Group plc purchased a new position in shares of Fitbit in the 3rd quarter valued at approximately $193,000. Finally, Xact Kapitalforvaltning AB raised its position in shares of Fitbit by 77.7% in the 4th quarter. Xact Kapitalforvaltning AB now owns 58,078 shares of the scientific and technical instruments company’s stock valued at $289,000 after purchasing an additional 25,400 shares during the last quarter. 65.28% of the stock is owned by institutional investors and hedge funds.
In other Fitbit news, EVP Andy Missan sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $5.85, for a total transaction of $43,875.00. Following the completion of the transaction, the executive vice president now directly owns 110,917 shares of the company’s stock, valued at approximately $648,864.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 30,000 shares of company stock valued at $186,975 over the last three months. 19.84% of the stock is currently owned by insiders.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, February 27th. The scientific and technical instruments company reported $0.07 EPS for the quarter. The firm had revenue of $571.20 million during the quarter, compared to analyst estimates of $569.30 million. Fitbit had a negative net margin of 12.29% and a negative return on equity of 19.03%. Fitbit’s revenue was up .1% on a year-over-year basis. During the same period last year, the firm posted ($0.02) EPS. As a group, research analysts anticipate that Fitbit Inc will post -0.43 earnings per share for the current fiscal year.
Several equities analysts recently commented on the stock. ValuEngine lowered shares of Fitbit from a “buy” rating to a “hold” rating in a research report on Monday. William Blair reaffirmed a “market perform” rating on shares of Fitbit in a research report on Monday, March 11th. Roth Capital set a $8.00 price objective on shares of Fitbit and gave the company a “buy” rating in a research report on Friday, March 8th. DA Davidson raised shares of Fitbit from a “neutral” rating to a “buy” rating and increased their price objective for the company from $5.50 to $7.00 in a research report on Thursday, February 28th. Finally, Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.50 price objective for the company in a research report on Wednesday, February 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Fitbit presently has an average rating of “Hold” and an average price target of $6.28.
Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa 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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