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What: Shares of IPG Photonics (Nasdaq: IPGP ) are up 13% following a steady climb throughout the day.
So what: Volume has risen rather dramatically, with 900,000 shares trading hands with an hour left in the trading day. That's up from a three-month average of 240,000 shares per day. The move looks like a continued reaction to the company’s earnings guidance, which crushed expectations last week.
Now what: Fellow Fool Eric Jhonsa wrote last week about how big of an earnings beat this was, and IPG's momentum has continued this week. Given its improving fundamentals, I think the stock has further still to run. The company’s forward P/E of 35 is a little expensive, but the growth IPG Photonics is experiencing makes this stock worth the price.
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