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.

You’re About To See A Lot Of Fitbits Being Worn By Employees Of Target

Page 1 of 2

The shares of Fitbit Inc (NYSE:FIT) are trading 6.46% higher in the morning session following a new corporate customer announcing mass implementation of their fitness products. Target Corporation (NYSE:TGT), one of the largest retailers in the country, has decided to equip its 335,000 employees with the wearable health-tracking devices offered by Fitbit Inc. According to the announcement, the employees of the retailer will each get a Fitbit Zip, worth $59.95, for free, with an option to purchase a higher model, which will be further subsidized by the retailer. This is one of the biggest corporate partnerships for Fitbit yet under its Corporate Wellness program.

Biggest Communities on Google Plus

The Fitbit Corporate Wellness initiative has attracted customers from all around the business community, including big names like Bank of America Corp (NYSE:BAC), Adobe Systems Incorporated (NASDAQ:ADBE), and Time Warner Inc (NYSE:TWX). According to its latest quarterly report, Fitbit is offering its wellness program to more than 50 companies in the Fortune 500 list. Under its corporate wellness program, the fitness company offers both employee and employer dashboards along with other powerful reporting features, with the implementation phase lasting less than six weeks irrespective of the size of the business. It works in collaboration with major health institutions and companies including Vitality, Virgin Pulse, ShapeUp, Cleveland Clinic, and many more.

Fitbit Inc (NYSE:FIT) is attracting more corporate customers with its wide-range of products and according to its latest announcement, the company is offering U.S Health Insurance Portability and Accountability Act (HIPAA) compliant capabilities with its programs. James Park, CEO of Fitbit, said, “We prioritize protecting our consumers’ privacy and keeping their data secure. Our compliance with HIPAA safeguards formalizes this commitment, and, more importantly, it creates opportunities for more effective relationships with corporate wellness customers.”

The stock of Fitbit Inc is trading 17.35% higher since its IPO in June of this year. Pacific Crest initiated coverage on the firm with an “Overweight” rating yesterday along with a price target of $47, representing an upside potential of 36.31%. The fitness company reported its second quarter financial results on August 5, announcing revenues of $400 million for the quarter, and 253% year-over-year growth. Its non-GAAP earnings per share of $0.21 were much better than the analysts’ estimate of $0.07 per share. Among the hedge funds that we track at Insider Monkey, 27 hedgies had long positions in the company by June 30, mere days after its IPO, and held 3.2% of the outstanding shares of the firm, with their aggregate holdings being valued at $249.92 million. John Griffin‘s Blue Ridge Capital, Tiger Global Management LLC, and Andor Capital Management were some of the major shareholders of the company, holding 3.50 million shares, 500,000 shares, and 350,000 shares, respectively.

Why do we pay attention to hedge fund sentiment? Most investors ignore hedge funds’ moves because as a group their average net returns trailed the market since 2008 by a large margin. Unfortunately, most investors don’t realize that hedge funds are hedged and they also charge an arm and a leg, so they are likely to underperform the market in a bull market. We ignore their short positions and by imitating hedge funds’ stock picks independently, we don’t have to pay them a dime. Our research have shown that hedge funds’ long stock picks generate strong risk adjusted returns. For instance the 15 most popular small-cap stocks outperformed the S&P 500 Index by an average of 95 basis points per month in our back-tests spanning the 1999-2012 period. We have been tracking the performance of these stocks in real-time since the end of August 2012. After all, things change and we need to verify that back-test results aren’t just a statistical fluke. We weren’t proven wrong. These 15 stocks managed to return 118% over the last 36 months and outperformed the S&P 500 Index by over 60 percentage points (see the details here).

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...

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!