GoPro Inc (NASDAQ:GPRO) stock continues to go up. After rising a staggering 13.39% on Monday, the stock jumped another 6.91% to $43.41 in pre-market trading Tuesday (Update: Up 10% now as market opens). The company went public amid much fanfare on Thursday, June 26 at an IPO price of $24 per share. After the IPO, GoPro founder Nick Woodman has officially become a billionaire. Forbes estimates his net worth at $2.3 billion.

GoPro

GoPro founder’s father reaps 140,000% return on his investment

Woodman’s father had given him $200,000 in 2004 to start the sporty camera. That investment has grown to $280 million, giving the senior Woodman 140,000% return. In the offering, Nick Woodman and his wife Jill unloaded 3.6 million shares. Nick still owns 52 million class-B shares of the company, which gives him a 48% voting right in the company.

Other investors are also cashing in on GoPro’s public offering. Private equity firm Riverwood Capital owns about $650 million worth of GoPro stock. Foxconn Technology Co Ltd (TPE:2354) holds 11 million GoPro shares worth $425 million. The company launched its first high-definition camera in 2009, and has since sold 8.5 million units. Of them, 3.8 million cameras were sold in 2013 alone. GoPro’s cameras are small, light and waterproof.

GoPro expected to report solid results in coming quarters

Charlie Anderson of Dougherty & Co is the only Wall Street analyst currently covering the stock. He said he is a bit worried about GoPro stock’s meteoric rise. Anderson has a price target of $28, and the stock is already trading well above $40. But he is still a fan of GoPro stock. Anderson admitted that the stock is “trading on euphoria.” However, he believes the reason for this euphoria is a small supply of available shares.

GoPro sold only 8 million of its total 123 million shares in the IPO. Investors who couldn’t get a piece of the offering before the IPO are buying it after the stock has started trading. This is pushing up the stock price. Many large mutual funds and hedge funds are interested in GoPro as the company is expected to report solid results in the coming quarters. Most importantly, unlike other hot tech offerings, GoPro is profitable.