Rhumbline Advisers grew its stake in shares of Fitbit Inc (NYSE:FIT) by 8.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 208,891 shares of the scientific and technical instruments company’s stock after purchasing an additional 16,600 shares during the quarter. Rhumbline Advisers’ holdings in Fitbit were worth $1,364,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Alps Advisors Inc. acquired a new position in Fitbit during the 1st quarter worth $121,000. Xact Kapitalforvaltning AB grew its holdings in Fitbit by 69.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock worth $128,000 after acquiring an additional 10,300 shares in the last quarter. CIBC World Markets Inc. acquired a new position in Fitbit during the 1st quarter worth $171,000. Fox Run Management L.L.C. acquired a new position in Fitbit during the 2nd quarter worth $184,000. Finally, Advisory Services Network LLC grew its holdings in Fitbit by 3,952.3% during the 2nd quarter. Advisory Services Network LLC now owns 32,418 shares of the scientific and technical instruments company’s stock worth $194,000 after acquiring an additional 31,618 shares in the last quarter. 61.58% of the stock is owned by institutional investors.

Several brokerages have weighed in on FIT. ValuEngine raised shares of Fitbit from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 12th. Zacks Investment Research raised shares of Fitbit from a “sell” rating to a “hold” rating in a report on Wednesday, June 20th. William Blair assumed coverage on shares of Fitbit in a report on Wednesday, June 20th. They issued a “market perform” rating for the company. Morgan Stanley set a $4.00 price target on shares of Fitbit and gave the company a “sell” rating in a report on Thursday, June 7th. Finally, Wedbush set a $6.00 price target on shares of Fitbit and gave the company a “hold” rating in a report on Saturday, June 9th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Fitbit currently has an average rating of “Hold” and an average target price of $6.12.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the director now directly owns 42,332 shares in the company, valued at approximately $263,305.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $5.86, for a total transaction of $29,300.00. Following the completion of the sale, the executive vice president now owns 169,381 shares in the company, valued at $992,572.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,027,500 shares of company stock worth $6,380,550. 19.84% of the stock is currently owned by insiders.

NYSE FIT opened at $5.51 on Friday. Fitbit Inc has a one year low of $4.51 and a one year high of $7.79.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $299.34 million during the quarter, compared to analyst estimates of $285.40 million. During the same period in the previous year, the business posted ($0.08) EPS. The company’s quarterly revenue was down 15.3% on a year-over-year basis. equities research analysts expect that Fitbit Inc will post -0.7 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 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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