Under Armour Inc. (UAA) has its game face on.
Shares of the athletic performance apparel company rocketed 8.69% to $20.52 by the closing bell on Wednesday, snagging a 10-month high.
Trading volume surged more than 70% above the 65-day average as the entire consumer discretionary sector advanced. As shares of the company rallied, the Russell 3000 Consumer Discretionary Index also jumped 1.1% and the broader Russell 3000 Index climbed 0.6%.
The impressive move Wednesday was the largest single-day percentage gain for Under Armour stock since Feb. 13, when shares rallied 17.36% in a single session following the company's fourth-quarter earnings report.
At $20.52, the stock is at a 34% premium to the average analyst price target of $15.29, according to FactSet data. Shares have traded, on average, at a 4.3% premium to the analyst price target over the last year. Also on Wednesday, the relative strength index for Under Armour shares eked above 70, according to Bloomberg data, suggesting that the stock could be overbought.
While the broader stock market has struggled to stay in the green for 2018 so far, Under Armour has not. Shares are up 42% year to date, up 8.63% in the last 12 months and up 10.56% in the last five trading sessions.
While Wednesday proved strong for Under Armour, Thursday may not bring the same momentum. Shares were lower 0.83% in premarket action on Thursday.
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