OmniVision Technologies Beats Estimates, Hits 52 Week High (OVTI)

Shares of OmniVision Technologies, Inc.

are trading up 10.7% at $31.32 per share during the Wednesday morning trading session. The morning's trading range for shares of OmniVision Technologies, Inc has been between $30.18 and a 52 week high of $31.35 per share. Analysts covering the company's stock give it a consensus price target of $29.78 per share. Volume of 3 million shares is already well above the daily average volume of 1.8 million shares. OmniVision Technologies, Inc. (

) announced on Tuesday after the market closed that it beat consensus Wall Street expectations. OmniVision Technologies, Inc announced 2nd quarter adjusted earnings per share of 58 cents, on revenue of $239.46 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 53 cents per share, on revenue of $232.34 million. The company expects fiscal 3rd quarter 2011 adjusted earnings of 50 cents to 63 cents per share, on revenue in the range of $230 million to $250 million. Chief executive officer Shaw Hong said, "We are extremely pleased with our achievement this quarter of record revenues, which represented the high point of our guidance. The quarter's 24 percent sequential revenue growth resulted from our accelerating development of leading-edge imaging sensors and the execution of our operations worldwide, driven by our constant focus on the changing technological needs of the global marketplace." Read more