Spirent stock price surges 11% on first-half growth

Shares of Spirent Communications PLC (LON: SPT) surged more than 10% after the FTSE 250 company saw its revenue rise 7% in the first half of the year. Spirent stock price is now trading at an all-time high above GBX304. 

Fundamental analysis: Good results despite challenging environment

Spirent, which provides lab test solutions to evaluate the performance of the latest technologies, said its revenue jumped 7% to £177.53 million, the company said. Moreover, the order intake rose 6% year-on-year to $232.1 million. As a result, a pre-tax profit almost doubled compared to a year ago

Its core business unit - Networks & Security - witnessed its revenue rose 8.4% despite the pandemic. The company has continued to deliver in areas of 5G, Cloud, and Internet of things (IoT).

Furthermore, Spirent released SimIQ, a testing tool focused on accelerating product development. 

Technical analysis: Fresh record highs

Spirent stock price rallied 11% to blow past yesterday’s high of GBX295 and log the fresh all-time high. As a result, Spirent share price erased all weekly losses and closed the week 8.57% higher. Last week, shares of Spirent gained over 10%. 

The buyers have also cleared the 127.2% Fibonacci extension at GBX295.5, paving the way for a trip to a 161.8% extension at GBX336. Any pullback to GBX270 is likely to be seen as an opportunity to get on the long side. 

Summary

Spirent stock price printed an all-time high at GBX306 after the firm saw its revenue rise 7% in the first half of the year. Spirent also announced its new product - SimIQ, a testing tool focused on accelerating product development.