Wells Fargo & Company MN lowered its position in Fitbit, Inc. (NYSE:FIT) by 75.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 168,773 shares of the scientific and technical instruments company’s stock after selling 521,190 shares during the quarter. Wells Fargo & Company MN owned 0.09% of Fitbit worth $896,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Fitbit by 6.1% in the first quarter. Vanguard Group Inc. now owns 11,240,520 shares of the scientific and technical instruments company’s stock valued at $66,544,000 after buying an additional 649,518 shares in the last quarter. Quinn Opportunity Partners LLC increased its position in shares of Fitbit by 3.0% in the second quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock valued at $13,666,000 after buying an additional 75,100 shares in the last quarter. Artemis Investment Management LLP increased its position in Fitbit by 40.2% during the 2nd quarter. Artemis Investment Management LLP now owns 2,535,000 shares of the scientific and technical instruments company’s stock worth $13,447,000 after purchasing an additional 727,000 shares in the last quarter. Renaissance Technologies LLC increased its position in Fitbit by 18.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,614,994 shares of the scientific and technical instruments company’s stock worth $9,561,000 after purchasing an additional 255,394 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Fitbit by 16.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,212,507 shares of the scientific and technical instruments company’s stock worth $6,438,000 after purchasing an additional 167,821 shares in the last quarter. Institutional investors and hedge funds own 56.23% of the company’s stock.

Fitbit, Inc. (NYSE:FIT) opened at $6.02 on Monday.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business 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 27.36% and a negative net margin of 23.35%. The company’s revenue was down 22.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS. research analysts forecast that Fitbit, Inc. will post -0.52 earnings per share for the current fiscal year.

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In other news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $5.90, for a total value of $88,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $5.91, for a total value of $29,550.00. Following the completion of the transaction, the executive vice president now directly owns 71,419 shares in the company, valued at $422,086.29. The disclosure for this sale can be found here. Insiders sold a total of 85,000 shares of company stock worth $556,650 over the last ninety days. Corporate insiders own 29.10% of the company’s stock.

A number of analysts recently commented on the company. Stifel Nicolaus reiterated a “hold” rating and set a $6.00 price objective on shares of Fitbit in a research report on Friday. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price objective for the company in a research report on Monday, October 30th. Cowen and Company set a $6.00 price objective on Fitbit and gave the stock a “hold” rating in a research report on Monday, October 23rd. Morgan Stanley lifted their price objective on Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a research report on Friday, October 20th. Finally, Vetr upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price objective for the company in a research report on Thursday, October 19th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. Fitbit has an average rating of “Hold” and a consensus price target of $7.30.

About Fitbit

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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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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