Advanced Micro Devices Inc. shares were by far the most actively traded stock on the S&P 500 index Friday, closing out their best week in more than a year at the highest price since October 2006.

AMD AMD, +2.75% shares closed up 7.6% at $23.98 Friday, after touching an intraday high of $24, finishing higher for a sixth straight day of gains for a total gain of 24% over that streak. Friday’s closing price was the highest for AMD shares since Oct. 18, 2006, when shares closed at $24.23.

The stock was the most heavily traded on the S&P 500 SPX, +1.52% with a whopping 163 million shares exchanging hands Friday, nearly four times the volume of the second most heavily traded S&P 500 stock. Over the past 52 weeks, AMD’s average daily volume has been 59.5 million shares.

For the week, shares finished up 21.3%, their best performance since the week ended June 23, 2017, when shares finished up nearly 24% as AMD introduced its Epyc chip line. AMD shares are up 133% for the year, tops on the S&P and one of only two stocks on the index to double this year, while the S&P 500 has gained 7.5%, the PHLX Semiconductor index SOX, +1.37% is up 9.8%, and the tech-heavy Nasdaq Composite Index COMP, +2.21% has increased 15.1%.

The stock’s rally does not bode well for massive short positions in AMD’s stock. Short-interest positions in the stock increased in the past month following a few months of declines from a record peak. Short-interest in AMD shares increased 4% from July to nearly 168 million shares, or just over 17% of AMD’s shares outstanding, according to FactSet. As recently as April, a record 192.6 million shares were shorted.

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AMD has produced profits in each of the last four quarters, after reporting losses in 12 of the previous 14 quarters, and recently reported its highest quarterly revenue since 2008. The chip maker has enjoyed the same rise in demand for graphics-processing units as Nvidia Corp. NVDA, +3.83% , while relaunching a server challenge to Intel Corp. INTC, +1.85% and continuing to make chips for personal computers and videogame consoles.

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On Thursday, when AMD jumped 6.7%, Rosenblatt Securities analyst Hans Mosesmann hiked his price target to a Street-high $30 from $27, following two days of meetings with AMD execs. The next highest price target on the stock is $26 from Northland Securities analyst Gus Richard, according to FactSet.

Mosesmann said he was “impressed by the deep dives long-focused investors are doing in the name after many years of disregard” and because “of our renewed conviction post-meetings of a multiyear double-digit growth profile for AMD.”

The analyst said AMD can once again hope to command about 25% of the x86 PC market like it did in 2006, but this time with a “top to bottom portfolio” and a growing manufacturing process advantage to Intel. Mosesmann wrote that “AMD has a multiyear advantage” against Intel and can increase that advantage.

“AMD never planned or expected Intel to have 10nm delays in their own product planning from years back and acknowledges that a historical window of opportunity has opened,” Mosesmann said. “AMD will continue to invest at 26%-30% OpEx levels going forward and suggests to us AMD is not aggressively pushing its current advantage.”

The analyst also believes AMD has a “six-month-plus advantage” versus Nvidia when it comes to graphics-processing units for the data center.

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“Given AMD’s success over the past several quarters, consolidation, and disarray in certain quarters in Silicon Valley, the company is seeing an important (if not historical) influx of engineering and management candidates,” Mosesmann said. “We view heightened interest within the industry to desire to be at AMD is a good indicator for investors to consider going forward.”

Mosesmann is in the minority among sell-side analysts with his buy rating on AMD, though. Of the 32 analysts who cover AMD, 13 have buy or overweight ratings, 14 have hold ratings, and five have sell ratings, with an average target price of $17.38, according to FactSet.