NEW YORK ( TheStreet) -- Shares of IPG Photonics Corporation (Nasdaq: IPGP) were gapping up Thursday morning with an open price 18% higher than Wednesday's closing price. The stock closed at $34.75 Wednesday and opened today's trading at $41. The average volume for IPG Photonics has been 195,300 shares per day over the past 30 days. IPG Photonics has a market cap of $1.6 billion and is part of the technology sector and electronics industry. IPG Photonics Corporation manufactures fiber lasers and amplifiers for use in a range of markets, such as materials processing, advanced technologies, telecommunications, and medical applications. The company has a P/E ratio of 54.9, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 23.5. TheStreet Ratings rates IPG Photonics as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full IPG Photonics Ratings Report.