MarketWatch First Take: Wall Street’s embrace of Roku ignores the ghosts of GoPro, Fitbit IPOs

Wall Street’s huge welcome for Roku Inc.’s initial public offering is reminiscent of its embrace of the once-hot IPOs of GoPro and Fitbit, and investors would be wise to step back and look at both of those companies are now faring.

Roku’s ROKU, +12.94%valuation has doubled since its IPO on Thursday. Shares fetched twice the IPO price on Friday, pushing the company’s market-cap above $2.5 billion

GoPro Inc.GPRO, -4.09% , which went public in 2014 and Fitbit Inc., FIT, +0.72% which came to market in 2015, saw their shares soar after their initial stock market debuts, and for the first few months of trading, but are now priced well-below those highs.

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