SharkNinja stock surged to a record high on Wednesday as the appliance maker enjoys success with new home and kitchen devices. With the move, SN stock reached the profit-taking zone, based on IBD trading principles.
On Aug. 8, SN stock broke out of a flat base at a buy point of 80.81, according to IBD MarketSurge. On Wednesday, it reached the profit-taking zone, which is 20% to 25% above the buy point.
On the stock market today, SN stock rose 3.1% to close at 98.12. In intraday trading, it notched an all-time high of 98.30.
SharkNinja stock staged its breakout after the Needham, Mass.-based company delivered a beat-and-raise earnings report.
In the second quarter, SharkNinja earned an adjusted 71 cents a share on sales of $1.25 billion. On a year-over-year basis, SharkNinja earnings rose 51% while sales increased 38%.
Further, SharkNinja's sales growth has accelerated for the last three quarters.
SN Stock Ranks First In Industry Group
SharkNinja makes small appliances for cooking, food preparation, cleaning, beauty and more.
Its recent product introductions include the Ninja Luxe Café three-in-one espresso, drip coffee and cold brew maker and the Ninja Slushi frozen drink maker.
SN stock ranks first out of 13 stocks in IBD's Household Appliances and Wares industry group, according to IBD Stock Checkup. SharkNinja has an IBD Composite Rating of 98 out of 99.
Also, SN stock is on IBD's Leaderboard.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
