Wearable tech maker Fitbit (FIT) watched its stock prices soar by more than 48% on the first day of trading on the New York Stock Exchange. By EOD the company was selling shares for $29.68, well above an expected $20 per share.
Fitbit has experienced 175% revenue growth year-over-year, but is now facing stiff competition from the Apple Watch and various Samsung developed products.
In an interview with FoxBusiness, Fitbit CFO Bill Zerella said there is “enough room to fit more than one company.” He added that there is a “lot of opportunity for us to continue to grow.”
With $732 million raised during the IPO, the company is now “focused on an acquisition strategy,” which has already included Fitstar. Zerella says the company will focus its acquisitions on startups that help users “achieve their goals” with the help of “data, inspiration and guidance.”
Fitbit sold 68% of the “full body activity trackers last year,” according to The NPD Group, and the market is really just now beginning to emerge. We can likely expect to see many more acquisitions and new product launches from the wearable tech firm in the coming months.