market folly

John Griffin's hedge fund firm Blue Ridge Capital has filed a 13G with the SEC regarding shares of Fitbit (FIT).  Per the filing, Blue Ridge owns 8.32% of the company with 3.5 million shares.

This is a newly disclosed position for the firm as Fitbit recently completed its initial public offering (IPO).  The filing was made due to activity on June 18th.

Per Google Finance, Fitbit is "a provider of health and fitness products. The Company's Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts. It offers a number of fitness products, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. Its wrist-based and clippable devices automatically track users’ daily steps, calories burned, distance traveled, floors climbed, and active minutes and display real-time feedback to encourage them to become more active in their daily lives. Fitbit Premium is its membership that serves as an around the clock virtual personal trainer delivered to users through any Web browser. It operates FitStar, a provider of interactive video-based exercise experiences on mobile devices and computers."