Alambic Investment Management L.P. Takes $2.45 Million Position in Fitbit (FIT)

Alambic Investment Management L.P. bought a new position in shares of Fitbit (NYSE:FIT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 481,100 shares of the scientific and technical instruments company’s stock, valued at approximately $2,454,000. Alambic Investment Management L.P. owned 0.23% of Fitbit at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in Fitbit during the 4th quarter worth approximately $3,902,000. Sumitomo Mitsui Asset Management Company LTD boosted its position in Fitbit by 9.0% during the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,743,980 shares of the scientific and technical instruments company’s stock worth $32,798,000 after buying an additional 472,075 shares during the period. Senvest Management LLC boosted its position in Fitbit by 218.4% during the 4th quarter. Senvest Management LLC now owns 1,592,113 shares of the scientific and technical instruments company’s stock worth $9,091,000 after buying an additional 1,092,113 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Fitbit in the 4th quarter worth approximately $2,396,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Fitbit by 11.7% in the 4th quarter. Allianz Asset Management GmbH now owns 6,079,011 shares of the scientific and technical instruments company’s stock worth $34,711,000 after purchasing an additional 638,235 shares during the period. Institutional investors and hedge funds own 59.52% of the company’s stock.

FIT has been the topic of a number of recent analyst reports. Roth Capital set a $8.00 price target on shares of Fitbit and gave the stock a “buy” rating in a research report on Tuesday, May 1st. Craig Hallum initiated coverage on shares of Fitbit in a research report on Monday, March 19th. They issued a “buy” rating on the stock. Morgan Stanley set a $4.00 price target on shares of Fitbit and gave the stock a “sell” rating in a research report on Tuesday, May 1st. Bank of America restated an “underperform” rating on shares of Fitbit in a research report on Tuesday, February 27th. Finally, Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, February 27th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $5.94.

NYSE:FIT opened at $5.19 on Friday. The firm has a market capitalization of $1.10 billion, a PE ratio of -7.98 and a beta of 1.89. Fitbit has a twelve month low of $5.00 and a twelve month high of $5.32.

Fitbit (NYSE:FIT) last released its quarterly earnings data 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 company had revenue of $570.76 million during the quarter, compared to the consensus estimate of $587.03 million. Fitbit had a negative net margin of 19.05% and a negative return on equity of 19.17%. analysts expect that Fitbit will post -0.65 earnings per share for the current fiscal year.

In other news, Director Steven Joseph Murray sold 500,000 shares of Fitbit stock in a transaction on Monday, May 7th. The shares were sold at an average price of $4.97, for a total value of $2,485,000.00. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at approximately $56,866.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $5.43, for a total transaction of $27,150.00. Following the completion of the sale, the executive vice president now owns 145,495 shares of the company’s stock, valued at approximately $790,037.85. The disclosure for this sale can be found here. Insiders sold a total of 545,000 shares of company stock valued at $2,699,750 in the last quarter. 19.84% of the stock is currently owned by company insiders.

About Fitbit

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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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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