Moors & Cabot Inc. Acquires 9,800 Shares of Fitbit Inc (FIT)

Moors & Cabot Inc. grew its holdings in Fitbit Inc (NYSE:FIT) by 90.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,600 shares of the scientific and technical instruments company’s stock after acquiring an additional 9,800 shares during the quarter. Moors & Cabot Inc.’s holdings in Fitbit were worth $122,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FIT. Macquarie Group Ltd. bought a new stake in Fitbit during the fourth quarter worth about $33,000. Public Employees Retirement System of Ohio raised its stake in Fitbit by 49.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock worth $44,000 after acquiring an additional 2,950 shares in the last quarter. Stevens Capital Management LP acquired a new position in Fitbit during the fourth quarter worth about $55,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Fitbit by 46.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,443 shares of the scientific and technical instruments company’s stock worth $92,000 after acquiring an additional 5,854 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Fitbit during the fourth quarter worth about $96,000. 62.73% of the stock is owned by institutional investors.

FIT has been the subject of several research analyst reports. Roth Capital set a $8.00 target price on Fitbit and gave the stock a “buy” rating in a research note on Friday, March 8th. ValuEngine downgraded Fitbit from a “buy” rating to a “hold” rating in a research note on Monday, April 15th. Zacks Investment Research downgraded Fitbit from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. William Blair reissued a “market perform” rating on shares of Fitbit in a research note on Monday, March 11th. Finally, DA Davidson raised Fitbit from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $5.50 to $7.00 in a research note on Thursday, February 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $6.08.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $4.99, for a total transaction of $37,425.00. Following the transaction, the executive vice president now directly owns 116,914 shares in the company, valued at approximately $583,400.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 22,500 shares of company stock worth $125,100 over the last 90 days. Company insiders own 18.60% of the company’s stock.

NYSE:FIT opened at $5.04 on Friday. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -8.40 and a beta of 1.62. Fitbit Inc has a fifty-two week low of $4.23 and a fifty-two week high of $7.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.87 and a quick ratio of 1.57.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.07. The firm had revenue of $272.00 million for the quarter, compared to analysts’ expectations of $259.71 million. Fitbit had a negative return on equity of 18.79% and a negative net margin of 12.01%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) EPS. On average, sell-side analysts expect that Fitbit Inc will post -0.41 EPS for the current year.

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Fitbit Profile

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.

Further Reading: Momentum Investing

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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