NEW YORK ( TheStreet) -- Shares of Shengkai Innovations (Nasdaq: VALV) have taken a tremendous swing upward. The stock is trading at $1 as of 9:30 a.m. ET, 35.1% above Thursday's closing price of 74 cents. Volume is at 274,894, 1.8 times the daily average of 151,700. Shengkai Innovations has a market cap of $26 million and is part of the services sector and wholesale industry. Shares are up 17.5% year to date as of the close of trading on Thursday. Shengkai Innovations, Inc., through its subsidiaries, engages in designing, manufacturing, and distributing ceramic valves and components for industrial use in the People's Republic of China. The company has a P/E ratio of 0.5, above the average wholesale industry P/E ratio of 0.4 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Shengkai Innovations as a hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself. You can view the full Shengkai Innovations 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.