Shares of Zoom Technologies, Inc. (ZOOM) are higher on the session by 42%, trading at $5.43. The co. announced Wednesday morning that it expects to report full year 2011 net income between $16 and $17 million versus $15.4 million consensus, and revenues of $320 million to $340 million versus $326.13 million.
Mr. Leo Gu, Chairman and CEO of Zoom Technologies, stated, “We are pleased to announce our guidance for 2011 which shows our confidence in gaining market share.”
Technically speaking, ZOOM gapped open higher Wednesday and has continued to rise on strong average volume. More than 4.4 million shares have already traded hands compared to a daily average of around 167,000. Over the last month, ZOOM has gained nearly 24%, but still remains at depressed levels, having fallen more than 37.5% year-to-date. The stock currently trades at a trailing P/E of 5.91, a forward multiple of 6.00 and a t/12 EPS of 0.91.
At last check, shares of ZOOM were up $1.56, or 40.73%, at $5.39. Day’s Range: $4.51 -$ 5.67. The stock is now poised to challenge resistance at $6, which hasn’t been surmounted on a daily closing basis since June 21.
Disclosure: No Position