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Fitbit Is In Good Shape

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June 19, 2015 – Comments (0) | RELATED TICKERS: AAPL , FIT

Fitness wearable tech company Fitbit (NYSE:FIT) sprinted upward in its market debut, seeing its shares rise 48% and close at $29.68 per share, up from an opening price of $20 per share. It's worthy of note that the Initial Public Offering (IPO) saw significant upward revision in the weeks leading up to the offering. The day before Fitbit went public, the company finally priced its initial public offering at $20 a share. This exceeded its prior estimates of $17 to $19 per share, which was already a step up from Fitbit's initial projections of $14 to $16 a share.

So clearly, many investors wanted a slice of the action at Fitbit by bidding up the share price, and arguably for good reason. Fitbit is in good shape to ride the rising tide of the wearable tech market, despite the advances of tech titan Apple (NASDAQ:AAPL).

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