NEW YORK ( TheStreet) -- Shares of digital camera sensor designer OmniVision Technologies ( OVTI) were soaring 25% to $29.80 after the company's third quarter profits blew past estimates.

OmniVision reported an adjusted EPS of 84 cents, a full 26 cents ahead of estimates. The company also forecast revenues for the current quarter ahead of estimates. Analysts at JPMorgan upgraded the stock to overweight from neutral and raised the target price to $37.

The stock was the biggest gainer on the Nasdaq, with volumes soaring to over 8 million shares against an average three-month range of 1.8 million.

Hercules Offshore ( HERO) saw its stock jump 14% to $4.84 after Credit Suisse analysts raised their price target on the stock to $5.50 from $4.50 earlier.

Royale Energy ( ROYL) continued to climb after it announced Wednesday that it was commencing production at its second well. Shares were gaining 9% to $5.51.

Shares of True Religion Apparel ( TRLG) spiked 12% to $23.71 despite a weaker-than-expected 2011 forecast as analysts chose to look beyond 2011 as the company invests in long-term growth. Needham & Company reiterated a buy on the stock and raised its price target to $27.

Shares of Mentor Graphics ( MENT) were gaining 3.5% to $15.63 after it reported a better-than-expected fourth-quarter profit and forecast adjusted earnings for the first quarter of about 15 cents on revenue of $225 million, well above analyst estimates. Earlier this week, activist investor Carl Icahn made a bid to buy out Mentor Graphics at $17 a share, but indicated he would be open to other bids. Investors are likely expecting a higher offer price following the bullish forecast.

Shares of Cheniere Energy ( LNG) was rising 15% to $10.40. There was no news on the stock. Cheniere was in the limelight last week after it said it had reached a tentative deal with Endesa and Enel Trade to export liquefied natural gas.

--Written by Shanthi Bharatwaj in New York

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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