NEW YORK ( TheStreet) -- Shares of IPG Photonics Corporation (Nasdaq: IPGP) were gapping up Friday morning with an open price 11% higher than Thursday's closing price. The stock closed at $47.76 Thursday and opened today's trading at $52.99. The average volume for IPG Photonics has been 445,100 shares per day over the past 30 days. IPG Photonics has a market cap of $2.1 billion and is part of the technology sector and electronics industry. Shares are up 51% year to date as of the close of trading on Thursday. 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 23.1, below the average electronics industry P/E ratio of 23.2 and above the S&P 500 P/E ratio of 17.7. 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, notable return on equity, expanding profit margins and impressive record of earnings per share growth. 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. Get more investment ideas from our investment research center. Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting UP to 95370 or select from multiple alert options.