Fitbit prices shares at $20, could be worth $4.1 billion

SAN FRANCISCO - The wearable health-tracking device Fitbit has set its initial stock price at $20, giving the company a potential value of $4.1 billion at its initial public offering Thursday, Bloomberg reported Wednesday.

The San Francisco-based fitness company originally set its share price from $14 to $16 but in a regulatory filing Tuesday increased it to $17 to $19.

The company will trade under the NYSE ticker FIT.

"Positive market anticipation has been driving the price target up over the past week," said James Gellert, CEO of Rapid Ratings

"Given the performance of recent IPOs during their debuts, $20 still leaves room for a positive jump Thursday morning. It's refreshing to see a tech IPO with a Financial Health Rating as strong as this," he said.

Fitbit offers six wearable health and fitness trackers, with online dashboard and mobile apps that automatically sync with the devices.

Fitbit says it will use some of the monies raised by its IPO for research and development to ward off competition in the popular wearable consumer electronics marketplace.

Some companies nipping at its heels include Nike+, Apple Watch and Samsung Gear, all of which have health-tracking features.