NEW YORK (TheStreet) -- Shares of Inphi (IPHI) - Get Report were surging 15.44% to $41.72 on heavy trading volume late Tuesday afternoon after the company posted higher-than-anticipated earnings for the 2016 second quarter.

After yesterday's closing bell, the Sunnyvale, CA-based semiconductor company posted adjusted earnings of 32 cents per diluted share, topping analysts' projections of 28 cents per share.

Revenue for the period was $60.5 million, missing Wall Street's forecasts of $69.3 million.

For the third quarter, Inphi sees adjusted earnings per diluted share between 37 cents and 39 cents, above analysts' estimates of 33 cents per share.

Third-quarter revenue is expected to be in the range of $66.8 million to $68.8 million, while analysts are modeling $74.8 million. 

About 2.05 million of the company's shares were traded so far today vs. its average volume of 532,020 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income.

But the team also finds that the company's return on equity has been disappointing.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: IPHI

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