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Here’s why there are so may happy faces at the NYSE

Traders work on the floor of the New York Stock Exchange.

There are a lot of happy people on the floor of the New York Stock Exchange today. They are Fitbit employees, which went public today at and has displayed one of the more impressive price surges I have ever seen on its way to an IPO.

The Fitbit price surge:

  • Monday: 29.9 million shares at $14-$16
  • Tuesday: 34.5 million shares at $17-$19
  • Wednesday: 36.6 million shares price at $20

Here’s why there’s a lot of happy faces down here today: the average insider owns the stock at 37 cents.

That’s not a typo. Insiders own the stock at an average price of 37 cents.

Fitbit Metrics:

  • IPO raised: $703.5 million
  • Market cap: $4.1 billion

That’s impressive since GoPro only raised $427 million for its IPO.

Investors are swooning over the stock because of how quickly they have scaled. Four years ago, the company had $15 million in revenue. In the latest trailing 12 months, revenues have grown to $973.4 million, and they are profitable, with $170.9 million in net income.


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