GoPro extends its post-IPO honeymoon
Like the extreme sports lovers who use the company’s cameras, GoPro is soaring mile-high after its initial public offering last week. Shares in the company gained 20% on Tuesday to close at $48.80, double the IPO price.
Investors have bid up GoPros shares every day since they started trading on Thursday. It’s a sign of a strong appetite for new publicly traded tech companies – or simply a symptom of excessive euphoria.
Used by extreme surfers, climbers and bikers, GoPro’s high-end cameras sell for between $200 and $400. Last year, the company sold over 3.8 million units and its looking to become an online video hub. Customers share video clips they film from their GoPro cameras on YouTube and by using the company’s app. To increase its online presence, the California-based company has signed numerous content deals. They include Microsoft (MSFT), Google (GOOG) and Virgin America, according to an earlier Fortune story.