Here is What Hedge Funds Think About Fitbit Inc (FIT)

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As one would reasonably expect, key money managers have jumped into Fitbit Inc (NYSE:FIT) headfirst. OZ Management established the most valuable call position in Fitbit Inc (NYSE:FIT). OZ Management had $54.5 million invested in the company at the end of the quarter. Adam Wolfberg and Steven Landry’s EastBay Asset Management also initiated a $23.7 million position during the quarter. The following funds were also among the new FIT investors: Paul Tudor Jones’ Tudor Investment Corp, Ken Griffin’s Citadel Investment Group, and Benjamin A. Smith’s Laurion Capital Management.

Let’s now review hedge fund activity in other stocks similar to Fitbit Inc (NYSE:FIT). These stocks are Tenneco Inc (NYSE:TEN), RR Donnelley & Sons Co (NASDAQ:RRD), Finisar Corporation (NASDAQ:FNSR), and American National Insurance Company (NASDAQ:ANAT). All of these stocks’ market caps match FIT’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TEN 24 201461 -3
RRD 24 131702 -1
FNSR 22 417786 1
ANAT 13 30379 3

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $195 million. That figure was $443 million in FIT’s case. Tenneco Inc (NYSE:TEN) is the most popular stock in this table. On the other hand American National Insurance Company (NASDAQ:ANAT) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Fitbit Inc (NYSE:FIT) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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