Hedge Funds And Analysts Agree On UBS Group And Fitbit As They Head In Opposite Directions

Fitbit Inc (NYSE:FIT) on the other hand is up in today’s trading session, gaining 3.22%, though it was up by as much as 5.5% earlier in the morning. Analysts at Pacific Crest initiated coverage of the fitness wearables company with an ‘Overweight’ rating and price target of $47, indicating an upside potential of 43.60% from its current trading price. The firm mentioned the leadership of Fitbit Inc in the wearable health-device market as the primary reason for the rating. Piper Jaffray’s Erinn E. Murphy is another analyst with an ‘Overweight’ rating for the stock, along with a price target of $60 per share. According to the fifth semi-annual Women’s survey conducted by the research firm, 68% of the women prefer Fitbit’s products to its competitors, while its fitness app ranked second in the category. A recent report from IDC predicted growth of 163.6% for wearable shipments this year, taking net shipments to 76.1 million units.

Fitbit offers a complete range of wrist-based devices that can measure burned calories, floors climbed, steps taken, and active minutes of the user, along with real-time feedback.  Its product range starts as low as $59.95 for the Fitbit Zip and goes up to $249.95 for the Fitbit Surge. The shares of Fitbit Inc (NYSE:FIT) have gained 10.95% since its IPO in June 2015. We tracked the hedge fund sentiment towards the fitness brand and found 27 hedgies in our database already with equity positions in the company by June 30, though they held just 3.2% of its outstanding shares. The aggregate holdings of hedge funds we track in Fitbit Inc. at the end of the second quarter stood at $249.92 million. Blue Ridge Capital, led by John Griffin, topped the list of hedge funds with positions in FitBit, owning 3.50 million shares worth $133.81 million. Tiger Global Management LLC and Andor Capital Management were among the other prominent shareholders of the company, possessing 500,000 shares and 350,000 shares, respectively.

Disclosure: None