Why is the megaport share price up 16.55% in early trade?

Learn More The Megaport Ltd ( ASX: MP1) share price is up 16.55% in early trade Tuesday after the company revealed history-making 2023 financial results before market open. After closing at $10.39 a share on Monday afternoon, the technology stock was trading at $12.11 apiece at the time of writing.

Is the megaport share price in the Red?

The Megaport share price has traded 62% in the red since market activity resumed in January. What’s up with the Megaport share price? Despite no market-sensitive updates today, investors are bidding up Megaport shares today, despite a heavy selloff that’s ensued since late April.

Is the megaport share price a long-term opportunity?

Evidently, this has plagued the minds of shareholders over the last couple of days. Despite the high level of pessimism surrounding the Megaport share price, analysts over at UBS are adamant there’s still long-term potential. We remain positive on the medium to long-term opportunity for MP1.