NEW YORK (TheStreet) -- Shares of Fitbit (FIT - Get Report) were jumping, higher by 5.85% to $48.69 in late morning trading Wednesday, as the stock hits a new high amid the company's strong first few weeks as a public company.

This morning, analysts at S&P Capital IQ initiated coverage on Fitbit with a "hold" recommendation and a $50 price target.

Technology-focused equity analyst Angelo Zino S&P Capital IQ said the firm's price target is based on the company's superior growth prospects.

"We see FIT benefiting from an expanding total available market, and believe international expansion will be a key driver for growth," Zino wrote in a note this morning.

Still, Zino noted Fitbit's "fierce competitive pressures" and thinks high growth is already priced into the elevated valuation.

On Monday, the post-IPO quiet period ended.

Fitbit stock has been rallying for the past three sessions following coverage initiations by Wall Street firms.

Analysts at SunTrust Robinson Humphrey, Stifel, Deutsche Bank and Piper Jaffray issued a rating equivalent to a "buy." 

Stifel issued the highest price target of $57, while Piper issued a $52 target on the stock.

According to SunTrust estimates, Fitbit is expected to have a dominant 85% control of the U.S. market.

Last month, 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 $9.15 billion as of 10:56 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.

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