You can make a lot of money producing fitness bracelets. Fitbit has gone public, and it has thoroughly exceeded expectations on its first day on the stock market. The San Francisco-based company opened and closed today with shares priced roughly 50% above its initial public offering of $20. Fitbit currently sits at $29.68 a share, leaving it with a value of over $6 billion.
This is no small feat for a company that released the Flex in 2013 and has followed up with only a few variations since then (including one that was later recalled). Fitbit continues to hold on to more of the activity tracking market than any of its competitors, including the likes of Jawbone, Samsung, Microsoft, Google, and Apple.
Brand awareness and options under $100 seem to have worked in the company's favor. We'll have to wait and see how the market shifts as competition continues to grow.