NEW YORK (TheStreet) -- Shares of Bankrate (RATE) were surging 17.36% to $8.45 on heavy trading volume late-afternoon Friday as the consumer financial services company posted better-than-expected 2016 third-quarter results and raised its full-year revenue forecast. 

After yesterday's closing bell, Bankrate reported adjusted earnings of 22 cents per share, beating Wall Street's projections of 13 cents per share. 

Revenue grew 29% year-over-year at $128.8 million, which exceeded analysts' estimates of $114.1 million.

For 2016, New York City-based Bankrate now sees revenue in the range of $438.0 million to $443.0 million vs. its prior estimate of $419.0 million to $430.0 million. The FactSet consensus is for revenue of $424.3 million. 

The company also backed its fourth-quarter revenue guidance of $117.0 million to $122.0 million vs. the FactSet consensus of $118.4 million. 

Additionally, Loop Capital upgraded its rating on the stock to "buy" from "hold" and raised its price target to $10 from $9. 

The firm believes Bankrate should continue to benefit from its paid marketing strategy, according to TheFly.

About 1.88 million of the company's shares changed hands so far today vs. its average 30-day volume of 368,822 shares per day.

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