Shares of Harbin Electric (Nasdaq:HRBN) have taken a tremendous swing upward. The stock is trading at $13.92 as of 9:31 a.m. ET, 66% above Friday's closing price of $8.39. Volume is at 2.5 million, 2.1 times the daily average of 1.2 million.
NEW YORK ( TheStreet) -- Shares of Harbin Electric (Nasdaq: HRBN) have taken a tremendous swing upward. The stock is trading at $13.92 as of 9:31 a.m. ET, 66% above Friday's closing price of $8.39. Volume is at 2.5 million, 2.1 times the daily average of 1.2 million. Harbin Electric has a market cap of $218.2 million and is part of the industrial goods sector and industrial industry. Shares are down 51.7% year to date as of the close of trading on Friday. Harbin Electric, Inc., through its subsidiaries, engages in the design, development, manufacture, supply, and service of electric motors in the People's Republic of China and internationally. The company has a P/E ratio of 3.3, equal to the average industrial industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Harbin Electric as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Harbin Electric 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.
Harbin Electric (Nasdaq:HRBN) hit a new 52-week high Monday as it is currently trading at $23.62, above its previous 52-week high of $23.20 with 539,265 shares traded as of 9:55 a.m. ET. Average volume has been 1.7 million shares over the past 30 days.