NEW YORK ( TheStreet) -- Shares of KongZhong Corporation (Nasdaq: KONG) have taken a tremendous swing upward. The stock is trading at $5.14 as of 10:05 a.m. ET, 21.3% above Tuesday's closing price of $4.24. Volume is at 212,682, 5.8 times the daily average of 36,400. KongZhong has a market cap of $183.2 million and is part of the technology sector and computer software & services industry. Shares are up 2.4% year to date as of the close of trading on Tuesday. KongZhong Corporation, through its subsidiaries, provides digital entertainment services in the People's Republic of China. The company has a P/E ratio of 10.8, below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates KongZhong as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share. You can view the full KongZhong 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.