John Griffin (Trades, Portfolio)’s Blue Ridge Capital announced Tuesday that it has a stake in the maker of the wearable fitness tracker Fitbit Inc. (FIT, Financial), as part of its going public on June 18.
Griffin’s Fitbit position spans 3.5 million shares, or 8.32% of the company. Fitbit raised $841.2 million in its initial public offering and shares have shot up 28.8% since their debut, closing at $38.09 each on Tuesday.
Griffin is considered a “tiger cub” investor because he formerly worked under hedge fund legend Julian Robertson (Trades, Portfolio), founder of Tiger Management.
Fitbit opened for business in 2007 and has sold approximately 20.8 million devices since then, cornering 85% of the market, according to IPO filings. It currently markets six wearable connected health and fitness trackers.
In the first three months of 2015 it recorded $336.75 million in revenue, versus $108.8 million in the same period last year. It also had net earnings of $47.997 million, up from $8.87 million a year ago.
Cash and equivalents stood at $237.85 million, with $159.6 million in total long-term debt outstanding at the end of the first quarter.
Fitbit has a P/E ratio of 150.4 and market cap of $6.9 billion.
No other gurus have as yet reported any major share purchases of Fitbit.
Griffin holds 46 other stocks in a portfolio valued at $8.8 billion. Healthcare at 18.1% and technology at 13.4% of the portfolio are his biggest weighted sectors currently. He has placed his largest holdings in Charter Communications Inc. (CHTR, Financial), Endor International (ENDP, Financial) and Allergan PLC (AGN, Financial).
For more stock trades of gurus in real time, visit GuruFocus’ Real Time Picks, a Premium Feature. Not a Premium Member of GuruFocus? Try it free for 7 days here.
