Shares of Bilibili (BILI 3.82%) were trading 13.9% higher at 2:30 p.m. EST Monday, after rising as high as 14.4% earlier in the day. The China-based online entertainment company saw one bullish analyst report published over the weekend and another one on Monday morning.
UBS analyst Zhijing Liu raised his target price for Bilibili from $90 to $185 per share, reiterating a buy rating on the stock. Goldman analyst Piyush Mubayi also restated an existing buy rating, lifting his target price from $70 to $160 per share. Bilibili closed Friday's trading at $126 per share, having doubled its share prices in three months.
These adjusted price targets followed a plethora of similar updates from firms such as J.P. Morgan and Credit Suisse last week, all based on Bilibili's Street-stumping fourth-quarter report.
Bilibili's fourth-quarter sales landed at $588.5 million, while adjusted net loss came in at $0.29 per share. The analyst consensus had pointed to losses of $0.33 per share on revenue near $551.5 million. The company's video-sharing services are finding strong growth among young Chinese audiences, and the number of paying users is growing faster than Bilibili's ad-supported user count.
Goldman and UBS are simply updating their target prices to reflect Bilibili's impressive earnings report here. This shouldn't come as a surprise to investors, but Bilibili is a volatile high-growth stock. Sometimes a simple reminder of the company's recent success is enough to give the stock price a significant push.