JPMorgan Chase & Co. Grows Position in Fitbit Inc (FIT)

JPMorgan Chase & Co. increased its stake in shares of Fitbit Inc (NYSE:FIT) by 34.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,625,664 shares of the scientific and technical instruments company’s stock after buying an additional 413,157 shares during the quarter. JPMorgan Chase & Co. owned about 0.79% of Fitbit worth $11,234,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. American International Group Inc. lifted its position in Fitbit by 8.1% in the third quarter. American International Group Inc. now owns 117,140 shares of the scientific and technical instruments company’s stock valued at $815,000 after purchasing an additional 8,758 shares during the period. Ameriprise Financial Inc. lifted its position in Fitbit by 421.2% in the third quarter. Ameriprise Financial Inc. now owns 186,793 shares of the scientific and technical instruments company’s stock valued at $1,300,000 after purchasing an additional 150,956 shares during the period. New York State Common Retirement Fund lifted its position in Fitbit by 35.1% in the third quarter. New York State Common Retirement Fund now owns 227,233 shares of the scientific and technical instruments company’s stock valued at $1,582,000 after purchasing an additional 59,033 shares during the period. Global X MANAGEMENT CO LLC lifted its position in Fitbit by 36.9% in the third quarter. Global X MANAGEMENT CO LLC now owns 87,357 shares of the scientific and technical instruments company’s stock valued at $608,000 after purchasing an additional 23,554 shares during the period. Finally, Prudential Financial Inc. lifted its position in Fitbit by 253.9% in 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 period. 58.25% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages recently commented on FIT. Cleveland Research restated a “hold” rating on shares of Fitbit in a research report on Thursday. ValuEngine downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Stifel Nicolaus downgraded shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.00 price target for the company. in a research report on Friday, December 15th. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Monday, October 30th. Finally, Cowen set a $6.00 price target on shares of Fitbit and gave the company a “hold” rating in a research report on Monday, October 23rd. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. Fitbit currently has a consensus rating of “Hold” and a consensus price target of $6.94.

Fitbit Inc (FIT) opened at $6.01 on Friday. Fitbit Inc has a 12 month low of $4.90 and a 12 month high of $8.40. The firm has a market cap of $1,245.07, a P/E ratio of -3.64 and a beta of 2.58.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The business had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. During the same period last year, the company posted $0.19 EPS. The company’s revenue was down 22.1% on a year-over-year basis. analysts anticipate that Fitbit Inc will post -0.49 EPS for the current year.

In other news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $6.89, for a total transaction of $103,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the transaction, the director now directly owns 11,442 shares of the company’s stock, valued at $69,681.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,051,841 shares of company stock valued at $6,462,854. Corporate insiders own 29.10% of the company’s stock.

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About Fitbit

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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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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