Shares of MIPS Technologies Inc. (MIPS) gained 5.9 percent to $15.55 after rising as much as 6.6 percent in early Thursday trading. The equity seems to be building upward momentum as it pushes through the key $15.50 – $15.70 area. MIPS shares — which keep finding ongoing support off of the $14.00 area — had a healthy dip in mid December and ready for move much higher, currently eyeing a retest of the $16.00 level.
At last check, the security had added more than 5.90% in electronic trading, with the shares returning year-to-date a massive 230.63% as of today’s hod price of $15.79. MIPS is currently above its 50-day moving average of $14.09 and above its 200-day moving average of $8.04. The shares recently started pulling back to test the $14.00 support area, which has acted as a springboard to launch MIPS higher.
MIPS Technologies currently trades at a trailing P/E of 36.89, a forward multiple of 26.32 and a P/E to Growth ratio of 1.51. More than 1.9 million shares have already traded hands compared to a daily average of around 2.4 million.
Day’s range : $14.80 – $15.79.
Disclosure: No Position