BlueMountain Capital Management LLC trimmed its holdings in shares of Fitbit Inc (NYSE:FIT) by 57.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 21,636 shares of the scientific and technical instruments company’s stock after selling 29,642 shares during the period. BlueMountain Capital Management LLC’s holdings in Fitbit were worth $141,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its holdings in shares of Fitbit by 11.7% during the 1st quarter. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company’s stock worth $606,000 after acquiring an additional 12,500 shares during the period. Trexquant Investment LP bought a new position in shares of Fitbit during the 2nd quarter worth about $1,384,000. Spark Investment Management LLC bought a new position in shares of Fitbit during the 1st quarter worth about $749,000. Swiss National Bank lifted its holdings in shares of Fitbit by 11.2% during the 2nd quarter. Swiss National Bank now owns 339,800 shares of the scientific and technical instruments company’s stock worth $2,219,000 after acquiring an additional 34,300 shares during the period. Finally, CIBC World Markets Inc. bought a new position in Fitbit during the 1st quarter valued at about $171,000. 61.57% of the stock is owned by institutional investors.

In other Fitbit news, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $5.43, for a total value of $54,300.00. Following the completion of the transaction, the executive vice president now directly owns 154,381 shares of the company’s stock, valued at $838,288.83. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $263,305.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,027,500 shares of company stock valued at $6,380,550. Insiders own 19.84% of the company’s stock.

Several brokerages recently issued reports on FIT. Zacks Investment Research raised shares of Fitbit from a “sell” rating to a “hold” rating in a report on Monday, July 2nd. ValuEngine downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a report on Saturday, September 1st. Stifel Nicolaus lifted their price target on shares of Fitbit from $5.50 to $6.00 and gave the company a “hold” rating in a report on Thursday, August 2nd. Morgan Stanley dropped coverage on shares of Fitbit in a report on Thursday, September 13th. Finally, Bank of America lifted their price target on shares of Fitbit from $4.80 to $5.00 and gave the company a “sell” rating in a report on Thursday, August 2nd. Four 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 stock. The company currently has a consensus rating of “Hold” and a consensus target price of $6.12.

Shares of NYSE FIT opened at $5.66 on Tuesday. Fitbit Inc has a 1-year low of $4.51 and a 1-year high of $7.79. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -8.97 and a beta of 1.77.

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

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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