GoPro stock continues surge on second day of trading after IPO
On their second day of trading, shares of sports camera maker GoPro surged another 14% on Friday.
The rise caps off a blockbuster week for the company, whose products are used by extreme surfers, climbers and bikers. Things started off with an initial public offering that raised $427 million. Initially priced at $24, those shares quickly rose in the first day of trading on Thursday to finish at $31.34. Investor appetite for the stock continued on Friday with it closing at $35.76, or a nearly 50% gain in two days.
GoPro now has market cap that exceeds $4 billion.
Last year, the company sold 3.8 million cameras, which cost between $200 and $400. Along with its pricey hardware, the company is trying to become an online video hub. Customers regularly film themselves performing their stunts and sports and share their content through YouTube and via the company’s app. In fact, GoPro has signed numerous content deals, including with Microsoft (MSFT), Google (GOOG) and Virgin America.
For the bell-ringing ceremony on Thursday morning, GoPro founder and CEO Nick Woodman took selfies with his company’s camera.