NEW YORK ( TheStreet) -- Shares of IPG Photonics Corporation (Nasdaq: IPGP) have taken a tremendous swing upward. The stock is trading at $45.99 as of 10:42 a.m. ET, 32.4% above Wednesday's closing price of $34.75. Volume is at 685,498, 3.5 times the daily average of 195,300. 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.