NEW YORK (TheStreet) -- Shares of Fitbit (FIT) - Get Reportwere jumping, higher by 7.24% to $35.69 in early market trading Tuesday, as analysts at RBC Capital initiate coverage on the newly public company this morning.
Analysts at the firm started Fitbit with an "outperform" rating and a $45 price target, saying the wearable fitness tracker company is quickly gaining market share in a growing connected health and fitness business.
RBC added that its studies showed a clear preference for the Fitbit brand by consumers.
Similarly, analysts at Leerink initiated coverage on Fitbit with an "outperform" rating and a $45 price target last Thursday.
Leerink thinks the company is well positioned to capitalize on the "powerful secular trends" in the consumer fitness tracker market.
Additionally, Fitbit entered into a lease agreement last Friday to rent out its space to GLL BIT Fremont Street Partners for about $96.3 million.
The lease, which expires on July 21, 2024 is for a rentable space in a building located in San Francisco, Calif.
San Francisco-based Fitbit priced its initial public offering at $20 per share, above early expectations.
The fitness device company now has a total market cap of about $7.6 billion as of 10:01 a.m. ET today.
Fitbit is a provider of health and fitness products, that 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.
The company 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.