Fitbit (FIT), the maker of a highly popular line of fitness trackers, got off to a roaring start with its IPO back in mid-June. The stock soared by 48% on its first day of trading after the company boosted the number of shares issued and the price range.
But since then, things have cooled down as the equities markets have gotten much more volatile. Fitbit stock is off about 35% from its high.
Despite this, the company continues to grow at a torrid pace. In the latest quarter, revenues spiked by 253% to $400 million and the adjusted EBITDA came to $86.2 million. For the period, FIT sold about 4.5 million devices, up from 1.72 million in the same period a year ago. Read