NEW YORK (TheStreet) -- Shares of Fitbit (FIT) were gaining, higher by 0.97% to $36.36 in early market trading Thursday, after analysts at Leerink initiated coverage on the newly public company this morning.

The firm started Fitbit with an "outperform" rating and a $44 price target, saying the company is well positioned to capitalize on the 'powerful secular trends' in the consumer fitness tracker market.

Leerink analysts said Fitbit has a leadership position in wearable devices.

Last Thursday, Fitbit made its initial public offering debut on the floor of the New York Stock Exchange.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio called Fitbit "one of the hottest IPOs of the year."

Yesterday morning, Fitbit announced the closing of its IPO of Class A common stock and the full exercise of the underwriters' option to purchase 5,486,250 additional shares.

Fitbit said it sold 22,387,500 shares and the selling stockholders sold 19,673,750 shares for a total of $841.2 million.

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.

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