Fitbit Inc. (FIT) Barely Breaking A Sweat From Apple Watch, Gets Workout On Upgrade

Even though Fitbit has been trading for less than three months, the hedge funds tracked by Insider Monkey jumped into the stock right away. 27 hedge funds and other investors within our database held stakes in the company at the end of the second quarter, with the value of these stakes amounting to $249.92 million. It’s also worth mentioning that the smart money within our database owns 3.20% of Fitbit’s outstanding common stock as of June 30.

A high number of reputable hedge funds tracked by Insider Monkey were among those which acquired stakes in Fitbit Inc. (NYSE:FIT) during the second quarter. John Griffin’s Blue Ridge Capital is by far the largest shareholder within our database, with 3.5 million shares, which account for 1.5% of its portfolio. Tiger Global Management, founded by Tiger Cub Chase Coleman with seed money from the “Tiger” himself, holds a stake of 500,000 shares in the company. In the meantime, the spot of the third-largest shareholder of Fitbit is occupied by Daniel Benton’s Andor Capital Management, which owns 350,000 shares as of June 30.

To sum up, the recent stock market pullback might have created a great buying opportunity for potential investors, so the Insider Monkey team reckons that it is worth including this stock in your watchlist. However, we would suggest waiting for the turmoil in the stock markets to wither prior to jumping into this stock.

Disclosure: None