The NYSE Welcomes Fitbit; Stock Is Skyrocketing

The New York Stock Exchange welcomed Fitbit Inc FIT early Thursday. The wearable technology company skyrocketed as high as 52 percent. Shares of Fitbit opened at $30.40 (52 percent increase) from the initial $20 pricing set on Wednesday evening.

Turning Profits
Among all the companies that have been offered to the markets this year, Fitbit is amongst the others in that it is the only company that is making a profit. Last year, it reported sales a bit north of $745 million, with earnings of $132 million, up from a $52 million loss just a year before. The tech company raised more than $730 million in its initial public offering, contributing to its $4.1 billion valuation. According to the International Data Corporation, Fitbit is dominating the wearable technology space, holding nearly 35 percent of the market share.

Price Action
Fitbit opened at $30.40 on Thursday morning, and spiked up to a high of $31.90, representing nearly a 60 percent soar. The stock has dwindled down to a low of $29.50(47.5 percent increase) and has rebounded to the $30 range.