NEW YORK ( TheStreet) -- Shares of Gulf Resources (Nasdaq: GFRE) have taken a tremendous swing upward. The stock is trading at $3.41 as of 10:26 a.m. ET, 21.8% above Wednesday's closing price of $2.80. Volume is at two million, 2.2 times the daily average of 898,900. Gulf has a market cap of $93.4 million and is part of the basic materials sector and chemicals industry. Shares are down 73.8% year to date as of the close of trading on Wednesday. Gulf Resources, Inc. and its subsidiaries manufacture and trade in bromine and crude salt, as well as manufacture chemical products for use in the oil industry and paper manufacturing industry in the People's Republic of China. The company has a P/E ratio of 1.8, equal to the average chemicals industry P/E ratio and below the S&P 500 P/E ratio of 16.9. TheStreet Ratings rates Gulf as a hold. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself. You can view the full Gulf Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center. Interested in other stocks that are soaring? Get free SMS text alerts sent to you when the action happens by texting SOAR to 95370 or select from multiple alert options.