NEW YORK (TheStreet) -- Fitbit (FIT) shares continued to outpace the market, and investors seem to believe there's more room to run.
Shares of the San Francisco-based Fitbit were rising another 5% in early Friday trade, following a near 50% gain on its first day of trading on Thursday, valuing the company at slightly more than $6 billion.
Traders on StockTwits, a social networking platform geared towards traders and investors, were bullish on the company's prospects, both in the short and long-term, as the company takes on the wearable technology space.
$FIT liking this volume so far— ryan (@BlackPacificCapital) Jun. 19 at 10:17 AM
$fit HGUE ipo, wanna be in with some shares for longer term trade here— AG (@ag2) Jun. 19 at 10:24 AM
$FIT Glad I never sold this one. Those 50mln shares yesterday are looking for a profit— JXM Financial (@JayStrauss) Jun. 19 at 10:28 AM
Shares of Fitbit closed the regular session at $29.68, good for a 48.4% gain over its $20 initial offering price, valuing the company at $6.08 billion. More than 50 million shares exchanged hands on its first day of trading.