Renaissance Technologies Claims $9.56 M Worth Of Shares in Fitbit, (NYSE:FIT)

Andrew Cummings
August 3, 2017

The transaction was disclosed in a document filed with the SEC, which is available through this link.

In the transaction dated Jun. 01, 2017, the great number of shares disposed came courtesy the Director; CALLAGHAN JON disposed a total of 15,000 shares at an average price of $5.57, amounting to approximately $83,550. The shares were bought at an average cost of $5.39 per share, for a total transaction of $134,750.00. About shares traded. Fitbit Inc (NYSE:FIT) has declined 60.69% since July 31, 2016 and is downtrending. The investment company owned 1,614,994 stocks of the scientific and technical instruments firms shares after scooping up an extra 255,394 shares through out the quarter. The company has a 50 day moving average of $5.35 and a 200 day moving average of $5.75. It has a market cap of $1.17 Billion.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, May 3rd.

Fitbit also raised the low end of its full-year revenue outlook to $1.55 billion to $1.7 billion and slightly narrowed the guidance for its full-year adjusted loss per share to 40 cents to 22 cents. For the quarter ending Dec-17, 13 analysts have a mean sales target of 586.54 million whilst for the year ending Dec-17, 16 analysts have a mean target of 1,607.48 million. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%.

The company say that US revenue contracted 55% to $199 million, EMEA revenue grew 9% to $109 million and APAC revenue grew 46% to $21 million. Similarly, full-year EPS forecasts have ranged between $-0.45 and $-0.22.

Excluding items, the company posted a loss of United States 8 cents per share, beating analysts' loss estimate of USA 15 cents.

ILLEGAL ACTIVITY NOTICE: This piece was first reported by Sports Perspectives and is the property of of Sports Perspectives. These holdings make up 58.48% of the company's outstanding shares. Croft Leominster Inc. bought a new stake in shares of Fitbit during the first quarter valued at about $166,000.

With the smartwatch, which reportedly faced production issues, Fitbit hopes to take back the crown from Apple as the premier wearables company and revive its declining sales. SunTrust Banks, Inc. reissued a "buy" rating and issued a $7.00 target price on shares of Fitbit in a report on Friday, April 14th. They issued a "buy" rating and a $10.00 price objective for the company. Longbow Research reiterated a neutral rating on shares of Fitbit in a report on Tuesday, April 4th. Six brokerage firms recommended the company shares with a sell recommendation, fifteen have published a hold recommendation and six have published a buy recommendation to The corporation. The company now has a consensus rating of "Hold" and a consensus price target of $8.10. Look at its top three institutional owners. Fitbit Chief Financial Officer Bill Zerella said the third quarter will be driven by existing legacy products, hinting that the smartwatch will not be released before the fourth quarter of the calendar year. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.10. Inc. increased its position in Fitbit by 18.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company's stock valued at $199,000 after buying an additional 4,271 shares during the last quarter.

Fitbit, Inc. (FIT) is a part of Technology sector and belongs to Scientific & Technical Instruments industry.

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