NEW YORK (

TheStreet

) -- Shares of

Shengkai Innovations

(Nasdaq:

VALV

) have taken a tremendous swing upward. The stock is trading at $1.37 as of 9:55 a.m. ET, 20.2% above Wednesday's closing price of $1.14. Volume is at 458,914, three times the daily average of 151,700.

Shengkai Innovations has a market cap of $26 million and is part of the

services

sector and

wholesale

industry. Shares are down 9.5% year to date as of the close of trading on Wednesday.

Shengkai Innovations, Inc., through its subsidiaries, engages in designing, manufacturing, and distributing ceramic valves and components for industrial use in the People's Republic of China. The company has a P/E ratio of 0.4, equal to the average wholesale industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Shengkai Innovations as a

hold

. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself. You can view the full

Shengkai Innovations Ratings Report

.

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