Revolve Group (RVLV) - Get Report soared 90.4% to $34.26 on the e-commerce retailer's first day of trading Friday. 

The first trade on Friday for Revolve was at $25.16, 40% above its $18 initial public offering price. 

The company, which bills itself as "the next-generation fashion retailer for millennial consumers," raised $52.2 million through the sale of 2.9 million shares. The IPO was priced at the top of the expected range of $16 to $18 a share.

"Investors were not only attracted to the strong revenue growth, but the fact that the company has been profitable in 15-of-16 years is something long-term investors are drawn to," said Jeff Zell, senior research analyst at IPO Boutique. "E-commerce companies with a desirable millennial audience, one that is hitting their peak spending years, is an area where investor appetite is extraordinarily strong. However, today's trading action where the stock traded more than 90% above the $18 issue price is euphoric-volatility from traders trying to chase the next big gainer."

When IPOs like Beyond Meat (BYND) - Get Report or Zoom Video Communications (ZM) - Get Report trade higher, Zell said, "it sets the table for IPOs like Revolve to trade on momentum and now creates expectations for the company that will be hard to attain."

"At this point in the day (3:05 pm ET), the stock has traded nearly 17 million shares which is roughly 1.5x the float which further highlights the euphoria in the stock," he said.

In 2018, the company reported $498.7 million in net sales and $36 million in net income. Revolve Group had 9.4 million unique visitors per month in 2018, according to the company's website.

The company was co-founded in 2003 by Michael Karanikolas and Michael Mente.

Citron Research said in a tweet that it "has never commented on an IPO but LONG RSLV Profitable at IPO AND growing E-commerce with best unit economics and massive growth ahead. Citron expects to see the stock trade to $50."

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