Legal & General Group Plc Cuts Stock Holdings in Fitbit Inc (NYSE:FIT)

Legal & General Group Plc trimmed its position in shares of Fitbit Inc (NYSE:FIT) by 7.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,882 shares of the scientific and technical instruments company’s stock after selling 8,775 shares during the quarter. Legal & General Group Plc’s holdings in Fitbit were worth $738,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Fitbit by 3.7% during the 1st quarter. BlackRock Inc. now owns 16,441,750 shares of the scientific and technical instruments company’s stock valued at $109,500,000 after purchasing an additional 591,291 shares in the last quarter. CNH Partners LLC purchased a new position in shares of Fitbit during the 4th quarter valued at approximately $84,423,000. Magnetar Financial LLC purchased a new position in shares of Fitbit during the 4th quarter valued at approximately $80,285,000. Renaissance Technologies LLC increased its holdings in shares of Fitbit by 17.7% during the 4th quarter. Renaissance Technologies LLC now owns 6,756,326 shares of the scientific and technical instruments company’s stock valued at $44,389,000 after purchasing an additional 1,013,594 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Fitbit by 11.9% during the 1st quarter. State Street Corp now owns 5,467,391 shares of the scientific and technical instruments company’s stock valued at $36,413,000 after purchasing an additional 581,901 shares in the last quarter. 85.79% of the stock is owned by hedge funds and other institutional investors.

In related news, CEO James Park sold 524,183 shares of Fitbit stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $6.53, for a total value of $3,422,914.99. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 18.60% of the stock is currently owned by company insiders.

NYSE:FIT opened at $6.47 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.74 and a quick ratio of 1.54. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -7.52 and a beta of 0.99. The company has a 50 day moving average price of $6.37 and a 200-day moving average price of $6.50. Fitbit Inc has a 1-year low of $2.81 and a 1-year high of $7.26.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, May 6th. The scientific and technical instruments company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.24). Fitbit had a negative net margin of 16.35% and a negative return on equity of 41.63%. The firm had revenue of $188.16 million for the quarter, compared to analysts’ expectations of $270.00 million. On average, sell-side analysts anticipate that Fitbit Inc will post -0.88 earnings per share for the current fiscal year.

Fitbit Profile

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.

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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