Sea Ltd stock jumped another 5.87% on Wednesday after a 8.2% rally in prior session. Wedbush raised its price target on Sea (SE) to $170 from $135 following the company's mixed Q1 results. While revenue came in below expectations, adjusted EBITDA exceeded forecasts.

The brokerage noted the company's continued improvement in logistics efficiency, supporting both market leadership and margin expansion. In Q1, Shopee cut cost per order by 6% year-over-year in Asia and 21% in Brazil, analysts Scott Devitt and Matthew Weiss wrote in a Tuesday note.

Sea has an average rating of overweight and mean price target of $168.12, according to analysts polled by FactSet.

Sea Ltd on Tuesday reported a 30% surge in its first-quarter revenue, helped by steady growth in its e-commerce, entertainment and financial services businesses, sending its shares up 8.9% in premarket trading.

Purchases on Sea's e-commerce platform, Shopee — available across various Southeast Asian countries and Taiwan — surged ahead of the summer holiday and travel season.

The platform, which is a market leader in Indonesia, has attracted a large user base and become a significant growth driver for its parent company.

Shopee also offers diverse product categories, integrated digital payments, and interactive features like live streaming and in-app games.

The company's revenue rose 29.6% to $4.84 billion for the January to March period, compared with analysts' average estimate of $4.89 billion, according to data compiled by LSEG.

Sea's e-commerce segment, which accounts for more than two-thirds of the company's total business, reported a 28.3% jump in revenue in the first-quarter.