Pursuit Attractions and Hospitality, Inc. (PRSU) saw its stock soar 6.22% in pre-market trading on Friday, despite reporting first-quarter earnings that missed analyst expectations. The company, which has faced significant challenges in recent months, seems to be benefiting from investor optimism despite the mixed financial results.

For the quarter ended March 31, Pursuit reported an adjusted loss of 96 cents per share, wider than the 85 cents loss analysts had predicted. Revenue also fell short of expectations, coming in at $37.58 million, a steep 86.3% decline from the previous year and below the $38.95 million forecast. However, the quarterly loss showed some improvement compared to the same period last year when the company reported a loss of $1.13 per share.

The stock's surge comes as a surprise given the earnings miss and the company's recent performance. Pursuit's shares had fallen by 18.1% over the quarter and lost 31.8% year-to-date. However, analysts maintain an average "buy" rating on the stock, with a median 12-month price target of $55.00. This positive outlook, combined with the fact that the company's loss narrowed year-over-year, may be fueling investor optimism and contributing to the stock's pre-market rally. As the market digests this information, it will be interesting to see if Pursuit can maintain this momentum throughout the trading day.