Fitbit is surging

Fitbit ipo james parkLucas Jackson/ReutersJames Park, Fitbit CEO, applauds with co-founder and CTO Erid Friedman while ringing the opening bell.

Fitbit shares rallied as much as 14% on Friday morning, one day after its blockbuster IPO.

Shares climbed to as high as $US33.25 in trading, after opening up 52% on Thursday.

The maker of fitness trackers pegged its IPO price at $US20 per share. It initially had a range of $US14 – $US16, but raised the range to $US17 – $US19, as well as the number of shares outstanding, after investors showed strong demand.

At a stock price of $US33 per share, Fitbit is valued at nearly $US7 billion.

The stock is now up more than 60% from the IPO price.

Here’s a chart showing the last two days of trading, and today’s continued rally:

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