Square stock price soared more than 10 % in post-market trading after the company topped revenue and earnings expectations for the second quarter. The shares of the online digital company jumped to a new record level of $150.

Square’s second-quarter revenue of $1.92bn has beaten analyst’s revenue estimate for $1.13bn and its revenue grew close to 60% from the past year period.

In addition, the online payment company has generated gross profit growth of 28% year over year. The company’s strategy of scaling its network to almost 30 million monthly active customers has helped its Cash App ecosystem to add substantially to revenue and gross profit growth.

Although its Gross Payment Volume (GPV) fell 15% year over year, its GPV trends improved sequentially. The second-quarter adjusted EBITDA has also topped consensus estimate for the loss of $5.6M.

“We believe our strategy of building a diverse ecosystem of products serving multiple use cases and a broad customer base adds resilience to our company. As we look toward the second half of the year, we continue to see opportunities to invest in our business for the long term,” the CEO said in a press release.

SQ Square, Inc. daily Stock Chart

Square stock price grew 115% since the beginning of this year while analysts rate it as one of the most overvalued stock.

Bank of America analyst Jason Kupferberg said, “In our view, it is quite difficult to justify why SQ is up 56% since June 1, while the forward EV/gross profit multiple has soared from 14.3x to 22.5x.”

Cowen analyst George Mihalos downgraded Square stock price to Market Perform from Outperform following the recent rally. The firm has provided a price target of $119. Moreover, Evercore ISI analyst Rayna Kumar has set a price target of $131 a share. Its shares are currently trading around 200 times to earnings.