Metropolitan Life Insurance Co. NY decreased its stake in shares of Fitbit (NYSE:FIT) by 51.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,531 shares of the scientific and technical instruments company’s stock after selling 61,793 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Fitbit were worth $334,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of FIT. DnB Asset Management AS increased its position in Fitbit by 21.6% during the fourth quarter. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company’s stock worth $100,985,000 after purchasing an additional 3,145,026 shares during the last quarter. BlackRock Inc. increased its position in Fitbit by 17.9% during the fourth quarter. BlackRock Inc. now owns 12,861,670 shares of the scientific and technical instruments company’s stock worth $73,441,000 after purchasing an additional 1,956,979 shares during the last quarter. Renaissance Technologies LLC increased its position in Fitbit by 95.9% during the fourth quarter. Renaissance Technologies LLC now owns 2,975,500 shares of the scientific and technical instruments company’s stock worth $16,990,000 after purchasing an additional 1,456,424 shares during the last quarter. Senvest Management LLC increased its position in shares of Fitbit by 218.4% in the fourth quarter. Senvest Management LLC now owns 1,592,113 shares of the scientific and technical instruments company’s stock worth $9,091,000 after acquiring an additional 1,092,113 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Fitbit in the fourth quarter worth $3,902,000. 61.49% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $4.62, for a total value of $69,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $5.17, for a total transaction of $25,850.00. Following the completion of the transaction, the executive vice president now owns 125,127 shares of the company’s stock, valued at $646,906.59. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock valued at $291,000 over the last 90 days. Insiders own 29.10% of the company’s stock.
Shares of FIT stock opened at $5.28 on Thursday. The firm has a market capitalization of $1,107.66, a PE ratio of -8.12 and a beta of 1.92. Fitbit has a twelve month low of $4.51 and a twelve month high of $7.32.
Fitbit (NYSE:FIT) last announced its earnings results on Monday, February 26th. The scientific and technical instruments company reported ($0.12) earnings per share 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 analysts’ expectations of $587.03 million. Fitbit had a negative net margin of 17.16% and a negative return on equity of 17.11%. analysts anticipate that Fitbit will post -0.55 EPS for the current fiscal year.
FIT has been the subject of several recent research reports. Morgan Stanley lowered shares of Fitbit from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $5.00 to $4.00 in a research report on Monday, April 2nd. Roth Capital initiated coverage on shares of Fitbit in a research report on Friday, January 5th. They issued a “buy” rating and a $10.00 price objective for the company. Bank of America reissued an “underperform” rating on shares of Fitbit in a research report on Tuesday, February 27th. Cleveland Research reissued a “hold” rating on shares of Fitbit in a research report on Thursday, December 21st. Finally, Stifel Nicolaus raised shares of Fitbit from a “sell” rating to a “hold” rating and dropped their price objective for the stock from $6.00 to $5.50 in a research report on Wednesday, January 31st. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $6.76.
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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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