NEW YORK (TheStreet) -- Shares of Fitbit (FIT) were spiking, sharply up 9.8% to $32.59 in late morning trading Friday, after the wearable fitness tracker maker made its debut on the floor of the New York Stock Exchange yesterday.
San Francisco-based Fitbit priced its initial public offering at $20 per share, above early expectations.
The stock closed at $29.68 in Thursday's trading session after hitting an intraday high of $31.90.
The fitness device company now has a total market cap of about $6.42 billion as of 10:27 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.
Insight from TheStreet's Research Team:
Eric Jackson commented on Fitbit in a recent post on RealMoney.com. Here is a snippet of what Jackson had to say about the stock:
Fitbit (FIT) had a great IPO yesterday. The stock jumped 50% from its offer price, which was already hiked up. The company raised $731 million in the offering.
When the company first filed for an IPO a couple of months ago, there was a lot of knee-jerk skepticism about it. Apple's (AAPL) Apple Watch was only a few weeks away from launch and seemed to have much more features than Fitbit. Plus, the old Fitbits seemed antiquated compared to Apple, the difference between rotary and touch-tone phones.
But Fitbit's IPO prospectus surprised a lot of people with the company's revenue ramp. It went from $271 million in 2013 to $745 million last year and is on track to do more than $1 billion this year.
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