The equity has soared past its 200-day trendline
The shares of Norwegian software firm Opera Ltd (NASDAQ:OPRA) are soaring this morning, up 22.5% at $11.89. This comes after the company reported third-quarter earnings of 27 cents per American Depositary share (ADS), blowing past estimates for per-share ADS earnings of 6 cents.
Not only did the tech name report quarterly revenue that more than doubled to $93.7 million, but its net income nearly tripled, and it raised its full-year revenue outlook to $300 million-$310 million. The company said the quarterly outperformance is due to a 39% year-over-year surge in Opera News monthly active users (MAUs).
OPRA is now on track for its best single-day gain ever, barreling through recent resistance at the newly formed 200-day moving average. The security is now 114% higher year-to-date, and on track for its highest close since mid-September.
Coming into today, all four covering analysts maintained a "buy" or "strong buy" recommendation on Opera stock. Optimism is also evident in the equity's average 12-month price target of $16.75, which represents expected upside of 72.5% to Wednesday night's close of $9.71.