Fitbit, Inc. (FIT) Shares Bought by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board raised its holdings in Fitbit, Inc. (NYSE:FIT) by 1,113,802.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 790,871 shares of the scientific and technical instruments company’s stock after buying an additional 790,800 shares during the quarter. Canada Pension Plan Investment Board owned about 0.34% of Fitbit worth $5,504,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in FIT. Principal Financial Group Inc. purchased a new stake in Fitbit in the second quarter valued at about $114,000. Amalgamated Bank raised its stake in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new stake in Fitbit in the third quarter valued at about $154,000. Capital Fund Management S.A. purchased a new stake in Fitbit in the second quarter valued at about $157,000. Finally, HighTower Advisors LLC raised its stake in shares of Fitbit by 5.6% in the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock worth $174,000 after purchasing an additional 1,735 shares during the last quarter. Institutional investors own 52.76% of the company’s stock.
Several research analysts have recently issued reports on the company. Vetr cut Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price objective for the company. in a research note on Thursday, September 28th. ValuEngine upgraded Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, September 15th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research note on Wednesday, October 4th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a research note on Wednesday, October 4th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $6.00 price objective on shares of Fitbit in a research note on Thursday, September 14th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $7.15.
In related news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.91, for a total transaction of $29,550.00. Following the transaction, the executive vice president now owns 71,419 shares in the company, valued at $422,086.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.90, for a total value of $88,500.00. The disclosure for this sale can be found here. Insiders sold 85,200 shares of company stock worth $557,860 over the last ninety days. Corporate insiders own 29.10% of the company’s stock.
Shares of Fitbit, Inc. (NYSE FIT) opened at $5.98 on Tuesday. Fitbit, Inc. has a 12 month low of $4.90 and a 12 month high of $9.75.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $392.50 million for the quarter, compared to analyst estimates of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The business’s revenue was down 22.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. analysts predict that Fitbit, Inc. will post -0.49 EPS for the current fiscal year.
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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