SelectQuote (NYSE: SLQT) shares exploded higher this week. As of 10 a.m. ET Friday, they were up by 118.8% from where they closed trading last week, according to S&P Global Market Intelligence. The penny stock, trading at about $1.83 per share, was also up by 176% year to date.

That eye-popping return came during a generally sluggish week for the markets as the S&P 500 was down 1.5%, the Dow Jones Industrial Average was down 0.7%, and the Nasdaq Composite was off by 2.7% as of 10 a.m. ET Friday. 

So, what happened with SelectQuote? The firm, which allows consumers to shop for insurance policies through its online platform, delivered a strong fiscal 2023 second-quarter report and a better-than-expected outlook.

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Source Fool.com