Fitbit begins trading at $30.40 per share, up 52% from original …
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NEW YORK — This morning Fitbit (FIT) began trading on the New York Stock Exchange at $30.40 per share. Yesterday the company set its opening price at $20 a share.
“Fitbit is at a nexus of technology and health, which are interesting growth things that people want to invest in,” said Doug Chu, head of Silicon Valley listings at NYSE.
The fitness wearables company expects to raise $732 million during its public offering and is now being valued at more than $4.1 billion.
Investors are excited for Fitbit because the company is making a lot of money. In 2014, the company reported $745.4 million in revenue, and already this year, Fitbit has earned $48 million in revenue.
Fitbit holds roughly 85 percent of U.S. marketshare, according to market research firm NPD, as mentioned in Fitbit’s SEC filing. However, it might not be able to hold that position. Apple’s new smartwatch is a formidable challenger for Fitbit’s crown, and there are a slew of other devices that are slowly nibbling away at Fitbit’s customer base.
Still, all investors are concerned with is that Fitbit’s growth continues. Given that the wearable market is just getting started, Fitbit should have plenty of opportunity to do just that.
Fitbit inspires people to exercise more, eat better, and live healthier lifestyles. The ultra-compact Fitbit device automatically tracks data about a person’s activities, such as calories burned, sleep quality, steps, and distance. T… read more »
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Fitbit begins trading at $30.40 per share, up 52% from original …
