The iPhone’s closets competitor, the Palm Pre, is seeing some high points while shares rocket in first quarter. The Palm’s shares increased from $2.37 to $16.39. The phone’s new operating system wasn’t enough to get investors to excited as the iPhone but the news that people are buying it did.

CL King analyst Lawrence Harris said “It appears that Palm could return to profitability several quarters sooner than previously anticipated, a noteworthy development.”

Some are still skeptical over the Palm Pre’s future and what it has already achieved. The Palm’s reports included the first phone as well as the results for their fiscal fourth quarter. Even though the numbers are a little skewed, analysts say that over 70,000 are in the hands of consumers.