Bellevue Group AG Sells 237,500 Shares of Fitbit Inc (FIT)

Bellevue Group AG reduced its position in Fitbit Inc (NYSE:FIT) by 10.3% in the 2nd quarter, Holdings Channel reports. The firm owned 2,057,900 shares of the scientific and technical instruments company’s stock after selling 237,500 shares during the quarter. Bellevue Group AG’s holdings in Fitbit were worth $13,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alps Advisors Inc. acquired a new position in Fitbit in the 1st quarter valued at $121,000. Crescent Grove Advisors LLC acquired a new position in Fitbit in the 1st quarter valued at $128,000. Xact Kapitalforvaltning AB raised its stake in Fitbit by 69.7% in the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock valued at $128,000 after purchasing an additional 10,300 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Fitbit in the 2nd quarter valued at $184,000. Finally, Advisory Services Network LLC raised its stake in Fitbit by 3,952.3% in the 2nd quarter. Advisory Services Network LLC now owns 32,418 shares of the scientific and technical instruments company’s stock valued at $194,000 after purchasing an additional 31,618 shares during the last quarter. 60.67% of the stock is owned by hedge funds and other institutional investors.

Shares of FIT opened at $5.42 on Wednesday. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -8.34 and a beta of 1.76. Fitbit Inc has a 52-week low of $4.51 and a 52-week high of $7.79.



Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. The firm had revenue of $299.34 million during the quarter, compared to the consensus estimate of $285.40 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned ($0.08) EPS. sell-side analysts anticipate that Fitbit Inc will post -0.7 earnings per share for the current fiscal year.

A number of analysts have issued reports on the company. Roth Capital set a $8.00 target price on Fitbit and gave the stock a “buy” rating in a research note on Tuesday, May 1st. Wedbush raised their target price on Fitbit from $6.00 to $7.00 and gave the stock a “hold” rating in a research note on Thursday, August 2nd. ValuEngine downgraded Fitbit from a “buy” rating to a “hold” rating in a research note on Tuesday, May 8th. Zacks Investment Research downgraded Fitbit from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. Finally, Morgan Stanley set a $4.00 target price on Fitbit and gave the stock a “sell” rating in a research note on Thursday, June 7th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $6.12.

In related news, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $5.20, for a total transaction of $2,600,000.00. Following the completion of the sale, the director now directly owns 11,442 shares of the company’s stock, valued at approximately $59,498.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $5.50, for a total value of $27,500.00. Following the sale, the executive vice president now directly owns 145,495 shares of the company’s stock, valued at $800,222.50. The disclosure for this sale can be found here. Insiders have sold a total of 515,000 shares of company stock valued at $2,689,200 over the last three months. Corporate insiders own 19.84% of the company’s stock.

Fitbit Company Profile

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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