Renaissance Technologies LLC Increases Stock Position in Fitbit Inc (NYSE:FIT)

Renaissance Technologies LLC raised its position in shares of Fitbit Inc (NYSE:FIT) by 17.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,607,110 shares of the scientific and technical instruments company’s stock after buying an additional 1,122,710 shares during the period. Renaissance Technologies LLC owned about 2.94% of Fitbit worth $33,471,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FIT. Advisory Services Network LLC lifted its position in shares of Fitbit by 291.2% in the 1st quarter. Advisory Services Network LLC now owns 5,125 shares of the scientific and technical instruments company’s stock worth $30,000 after purchasing an additional 3,815 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Fitbit in the 2nd quarter worth about $35,000. Allianz Asset Management GmbH purchased a new stake in shares of Fitbit in the 2nd quarter worth about $45,000. Marshall Wace North America L.P. purchased a new stake in shares of Fitbit in the 1st quarter worth about $62,000. Finally, Stevens Capital Management LP purchased a new stake in shares of Fitbit in the 2nd quarter worth about $66,000. 56.65% of the stock is owned by hedge funds and other institutional investors.

FIT has been the subject of several research analyst reports. William Blair reaffirmed a “hold” rating on shares of Fitbit in a research report on Thursday, August 29th. Wedbush dropped their target price on shares of Fitbit from $5.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. ValuEngine raised shares of Fitbit from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. DA Davidson set a $6.00 target price on shares of Fitbit and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, Citigroup dropped their target price on shares of Fitbit from $5.00 to $2.00 in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.18.



NYSE FIT traded down $0.14 during trading hours on Friday, reaching $3.66. 154,475 shares of the company’s stock traded hands, compared to its average volume of 4,594,503. Fitbit Inc has a 52-week low of $2.81 and a 52-week high of $6.96. The firm has a market cap of $983.23 million, a PE ratio of -6.10 and a beta of 1.55. The firm has a 50-day simple moving average of $3.36 and a 200 day simple moving average of $4.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.87 and a quick ratio of 1.58.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.67%. The company had revenue of $313.56 million during the quarter, compared to analysts’ expectations of $311.59 million. During the same period last year, the company posted ($0.22) EPS. Fitbit’s revenue was up 4.8% on a year-over-year basis. Sell-side analysts forecast that Fitbit Inc will post -0.59 EPS for the current fiscal year.

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 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.

Read More: Dividend Reinvestment Plan (DRIP)

Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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