June 19, 2015
Fitness Tracker's Public Trading Debut Surpasses Expectations
Like the very thing it tracks in its users, there’s no doubt Fitbit is quite healthy.
The fitness tracker made its debut on Wall Street Thursday with an impressive showing in stocks. In the company’s first day of publicly trading it made a significant impact on the market with a showing of more than 50 percent above its IPO price. It remained in that bracket throughout the day.
By Thursday’s end, The Los Angeles Times reported, the San Francisco-based company’s stock was selling at $29.68 on the New York Stock Exchange. It had peaked, during the day, at an impressive $31.90 per share.
“It’s a huge milestone for us. One that we wouldn’t be celebrating without you,” wrote Fitbit’s co-founder and CEO James Park on the company’s blog.
The day was celebrated on Wall Street with fitness demonstrations and celebrity health specialists working out while using one of the tracking devices.
Sales for Fitbit in 2014 sat at more than $745 million. That represents 10.9 million devices being sold with prices between $60 and $250. The company, which launched in 2007, is now selling its products in more than 50 countries across the globe.
Fitbit, reported The Wall Street Journal, has a healthy grip on the market with an approximate 68 percent market hold. Regardless, some are questioning how long it can maintain its position considering the number of companies entering the sector.
However, Thursday’s showing indicates Fitbit likely won’t be losing any steam in the immediate future.
W. Brice McVicar is a staff writer for SiteProNews.