Shares of Keynote Systems Inc. (KEYN) staged a substantial rally on Wednesday morning after the co. reported first-quarter earnings that beat consensus expectations. The stock of the company that makes online-monitoring systems surged 25 percent to $18.65 and advanced 27 percent earlier.
Keynote Systems reported a $5.1 million non-GAAP net income for the first fiscal quarter of 2011, or $0.32 p/sh, $0.15 better than the Thomson Reuters (TRI) consensus of $0.17. Revenues rose 19.8% year-over-year to $24.8 million versus the $22 million consensus. The company also issued upside guidance for Q2’11, saying it expects total revenue to be between $23 million and $24 million. It sees EPS of $0.18 – 0.24 versus $0.16 Thomson Reuters consensus.
Shares of Keynote Systems Inc are currently up 25.17% at $18.75. Volume has exploded with more than 606,000 KEYN shares already trading hands compared to a daily average volume of just 82,000. The day’s range so far for shares of Keynote Inc, which closed at $14.98 in the previous trading session and opened today at $18.42, has been between $18.25 and a 52-week high of $18.93 per share.
The average pps target of analysts who cover KEYN is $16.50 per share. Keynote has a market cap of $280 million and a P/E (price-to-earnings ratio) of 1.13.
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