That was quick.
Shares of red hot GoPro more than doubled less than five days after the lightweight digital movie camera maker went public.
The impressive 100 percent jump was realized Tuesday afternoon when shares crossed the $48 mark toward an intraday high of $49.76 a share.
GoPro shares closed Tuesday at $48.80, up 20.4 percent.
They debuted on Nasdaq on June 25 after being priced at $24 the previous evening.
So far this year, GoPro, whose cameras are designed primarily for people partaking in sports and outdoor activities, has produced the 7th highest price gain of any 2014 initial public offering.
In fact, only two other IPO’s this year have doubled their share price within five days of being on the market.
GoPro’s astronomical rise has also doubled the net worth of GoPro founder and CEO Nicholas Woodman — adding a cool $1.2 billion to his personal wealth in a week.
Woodman is now worth north of $2.5 billion.
Meanwhile, Woodman’s father, who provided seed capital of $200,000 when the company started, is now a multi-millionaire; his stake in the company is now estimated to be around $280 million.
Some on Wall Street remain cautious in the wake of GoPro’s fast break from the gate.
Charlie Anderson, an analyst at Dougherty & Co, is wary of GoPro’s better-than-expected performance, believing euphoric trading is the root cause behind GoPro’s heady $6 billion valuation.
To be sure, the small supply of shares floated in the IPO is also helping create a positive supply-demand ratio.
Only 17.8 million of GoPro’s 123 million shares were on offer during its debut.
Investors who missed out on the IPO have driven the price higher since it debuted by continuing to buy available shares.
GoPro was the No. 1 camcorder seller in the US last year, cornering nearly 45% of the market. Since 2004, it has sold more than 8.5 million cameras, while its revenue more than quadrupled between 2011 and 2013.