Inteliquent, Inc. (NASDAQ: IQNT) certainly made shareholders happy on Monday after announcing a significantly more impressive forecast for full-year revenue, boosting their previous prediction from $200 million – $210 million up to $215 million – $225 million. That revision sent shares of IQNT, a leading provider of wholesale voice services for carriers and service providers to a high of 8.71 today; this after closing Friday’s trading session at 6.09.
Perhaps the name change from Neutral Tandem Inc. to Inteliquent Inc. has inspired this revised revenue forecast, that guess would be as good as any considering IQNT didn’t provide any specific reason for the new figures.
What is known is that IQNT’s revised guidance does include the results for their global data business prior to its divestiture on April 30, 2013. That being said, IQNT’s previous guidance included those results for the same period as well.
IQNT’s expected 2013 revenue is considerably higher than the revenue range most analysts have expected, somewhere between $201 million to $209 million.
Whatever the reason for the revise guidance investors have been active on Monday with more than 3 million shares moving hands by late afternoon, that compared to just under 413,000 on Friday. With shares now trading right around 8.65 they are well ahead of their 50-day moving average of 5.71 as well as their 200-day moving average of 4.37.