Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Today’s Hottest Stocks: Fitbit, Glu Mobile, GameStop, and 2 More

Page 1 of 2

Crude futures are below $40 per barrel today as sentiment around the commodity remains firmly negative. Bulls are hopeful that $38.50-to-$39.00 will be a technical support level and that today’s EIA report can reverse the recent declines.

Among the stocks generating buzz on Wednesday morning are Fitbit Inc (NYSE:FIT), Glu Mobile Inc. (NASDAQ:GLUU), Qorvo Inc (NASDAQ:QRVO), GameStop Corp. (NYSE:GME), and U.S. Silica Holdings Inc (NYSE:SLCA). Let’s take a closer look at why each stock is in the spotlight and use SEC filings to determine how hedge funds are positioned among the five equities.

At Insider Monkey, we track around 765 hedge funds and institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on, can help retail investors generate double digits of alpha per year. The key is to focus on the small-cap picks of these funds, which are usually less followed by the broader market and allow for larger price inefficiencies (see the details here).

sand-390732_1280

Fitbit Reports Earnings

Traders are watching Fitbit Inc (NYSE:FIT) today after the wearable tech company reported better than expected second quarter results. For the three months ended June 30, Fitbit earned $0.12 per share on sales of $587 million, beating estimates by $0.01 per share and $8.52 million respectively. Sales soared by 46.6% year-over-year as the company sold 5.7 million devices, a record for the second quarter. The U.S. continued to account for the majority of Fitbit’s demand, with sales in the region accounting for 76% of total sales. Guidance was also strong, as management expects non-GAAP diluted net income per share for the full year in the range of $1.12-to-$1.24 and revenue of $2.5 billion-to-$2.6 billion. Shares of Fitbit are up by 6% so far in extended market trading. Of the 766 active hedge funds that Insider Monkey tracks, 30 funds owned a combined $273.92 million worth of Fitbit Inc (NYSE:FIT) shares on March 31, which accounted for 8.40% of the float.

Follow Fitbit Inc (NYSE:FIT)
Trade (NYSE:FIT) Now!

Glu Mobile Declines on Guidance

Glu Mobile Inc. (NASDAQ:GLUU) is lower in extended market trading after the gaming company reported a second quarter loss of $0.03 per share on revenue of $48.36 million. Although analysts were expecting a wider loss of $0.05 per share, shares of Glu Mobile are nevertheless in the red due to revenue falling by 13.9% year-over-year, bookings retreating by 11.5%, and the company offering light guidance for the remainder of the year. Glu Mobile anticipates an EPS loss of between $0.15 and $0.17, while analysts has been predicting a loss of $0.14. 12 funds in our system were long Glu Mobile Inc. (NASDAQ:GLUU) at the end of the first quarter, down by one from the end of the previous quarter.

Follow Glu Mobile Inc (NASDAQ:GLUU)
Trade (NASDAQ:GLUU) Now!

On the next page we’ll find out why Qorvo Inc, GameStop, and US Silica Holdings are trending this morning.

Page 1 of 2

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!