GigPeak Inc (NYSEMKT:GIG), a developer and manufacturer of semiconductor ICs and software solutions for high speed connectivity and video compression over the network and cloud, has been moving up steadily over the last three trading sessions.
Shares jumped 2.36% and closed at $2.60 on Friday, with volume reported at 749.79K.
It appears the stock moved up on technical corrections as there was no news that could account for the rise.
GigPeak Inc (NYSEMKT:GIG) takes out moving averages
GigPeak may now be in a bull grip as the stock has moved up and beyond the three moving averages (namely, 20-, 50-, and 200-day).
The penetration of the moving averages was accompanied by rising volumes.
GigPeak has also been forming a rounding bottom kind of formation since May this year.
It is now nearly 60% above its 52-week low of 1.63 touched in June.
GigPeak Inc (NYSEMKT:GIG) Q2 results beat estimates
In July, GigPeak reported Q2 EPS of $0.05 which beat by $0.01 and revenue of $15.4 million that was up a solid 56.5% year-on-year and beat by $0.2 million.
In April, GigPeak had acquired Magnum Semiconductor.
“We delivered another quarter of record revenue, highest ever non-GAAP gross margin, and record non-GAAP net income and adjusted EBITDA,” said Avi Katz – Chairman and CEO. “To summarize the quarter, revenue in the second quarter increased for the twelfth consecutive quarter and came in in record of $15.4 million.”
As at end of the quarter, GigPeak carried cash and investments of about $45.8 million.
The company is scheduled to declare its numbers for Q3 on October 17, 2016.
It said September 15 that orders during Q3 for its market-leading 40 Gbps QSFP+ and 100Gbps QSFP28 ICs for active optical cables (AOCs) and optical transceiver modules demanded by the hyper-scale Web 2.0 data center customers might touch a record.