Fitbit made a healthy public debut on the New York Stock Exchange yesterday – bringing its valuation to a whopping $4.1 billion. What began as a target of $20 per share Wednesday night jumped to an opening price of $30.40 on Thursday. For those doing the numbers, that’s a 52 percent climb.
Of course, it’s great news for Fitbit, but it also serves as an important marker for others in the wearable market. The strong IPO indicates that investors believe consumer demand for fitness tracking devices is strong. And wearables like Fitbit aren’t just improving users’ fitness and lifestyle – they’re also novel, fun, and expanding beyond the health and wellness space.
With the market poised for growth, we’ll continue to see innovative apps and devices from wearable developers. Be sure to check out ACT | The App Association’s We Wear It project, where we’re testing wearables from companies like Fitbit, Jawbone, Apple, Withings and Netatmo.