NEW YORK (TheStreet) -- Shares of Giga-tronics Inc. (GIGA) are surging higher by 34.27% to $2.86 on heavy volume in mid-afternoon trading on Tuesday, following the release of the company's fiscal 2015 fourth quarter earnings results, which improved year-over-year.

For the most recent quarter the company said its non-GAAP earnings were 3 cents per diluted share, compared to the loss of 23 cents per diluted share reported for the 2014 fourth quarter.

Net sales for the latest quarter grew by 48% to $4.3 million when compared to the same period from last year.

"We achieved an important milestone in the fourth quarter of fiscal 2015 when after years in development, two customers accepted their initial units of our Advanced Signal Generation System. With it now in production, the Advanced Signal Generation System should start contributing to the Company's long term success," company CEO John Regazzi said in Giga-tronics' earnings release.

So far today, 12.95 million shares of Giga-tronics have exchanged hands as compared to its average daily volume of 224,000 shares.

Giga-tronics is an engineering and design manufacturer of RF and microwave signal generators, microwave power amplifiers, microwave power meters, ATE signal switching and RF interface unit and microwave components and sub-assemblies.

Separately, TheStreet Ratings team rates GIGA-TRONICS INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:

"We rate GIGA-TRONICS INC (GIGA) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and weak operating cash flow."

You can view the full analysis from the report here: GIGA Ratings Report

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