Shares of Sea Ltd (NYSE:SE) are soaring this morning, after the Singapore-based tech conglomerate reported second-quarter earnings of $0.65 per share on revenue of $5.26 billion, sailing past estimates. The company credited continued growth from its subsidiaries, including e-commerce giant Shopee, which is expanding further into Latin America, and its thriving gaming division. Prior to the earnings announcement, J.P. Morgan Securities reiterated an overweight rating for SE.
At last glance, the stock was up 19.4% to trade at $174.62, earlier hitting a three-year high of $176.36 and on pace for its best session since March 2023. Shares are now up 62.4% year-to-date, as the equity heads for its seventh consecutive post-earnings win, extending a rally that began in May after the stock rebounded from April lows.
Of the 21 firms in coverage, 16 rated the stock a "buy" or better coming into today, with five a "hold" or worse. Meanwhile, short interest represents 5.2% of the stock's available float, or nearly five days' worth of pent-up buying power.
In the options pit today, volume is operating at 13 times the intraday average amount. So far, 48,000 calls and18,000 puts have been traded. The October 180 call is an early favorite today, with new positions opening there.
