SEMrush Holdings, Inc. (SEMR) stock is soaring 5.46% in pre-market trading on Thursday, following the release of its third-quarter earnings report. The company, which provides online visibility management and content marketing SaaS solutions, posted results that exceeded revenue expectations while falling slightly short on earnings per share.

For the quarter ended September 30, SEMrush reported adjusted earnings of 7 cents per share, up from 5 cents in the same quarter last year. While this fell short of the mean analyst expectation of 8 cents per share, investors appeared to focus on the company's strong revenue growth. SEMrush's revenue rose 15.1% year-over-year to $112.08 million, surpassing the analyst consensus of $111.65 million.

Despite the positive market reaction, SEMrush faces some challenges. The company reported a quarterly loss of $2.14 million, with a reported EPS loss of 1 cent. However, Wall Street maintains a bullish outlook on the stock, with the current average analyst rating being "buy". The median 12-month price target stands at $11.00, representing a potential upside of 31.7% from its last closing price of $7.51. It's worth noting that SEMrush shares have lost 36.8% year-to-date, making today's surge a welcome reprieve for investors.