Yahoo shareholders of the world rejoice: the company’s stock price just hit its highest level since August of 2008. Today, Yahoo peaked at $19.97 in normal trading.

In 2008, Yahoo declined from a high of $29.66 to a low of under $10, passing the $19.97 level at the beginning of fall. Yahoo has risen nearly one third since its summer lows this year. Yahoo’s new CEO, Marissa Mayer, an ex-Googler and well respected executive, has brought fresh excitement to a firm long mired in leadership changes and dated business models.

Yahoo has recently shown focus, exiting the Korean market and shuttering its music service in China, and product execution, as demonstrated by the rebirth of the profile of its Flickr property following the Instagram kerfuffle.

However, Mayer has brought more than cuts to the company, she has brought to it a fresh vision: “Yahoo will have to be a predominantly mobile company,” in her own words.

Investors like what they are seeing, to an extent. Yahoo’s rising share price is welcome for the company and its supporters and owners; however, the market values the firm at just 6 times its earnings, a multiple so low as to be almost laughable. And that figure is after its recent incline.

Yahoo enters 2013 in its strongest position in recent memory. How well it will capitalize on its current momentum is an open question. It’s unquestionable, however, that Mayer’s entrance at the top will help Yahoo to hire; it can regain status as a player in the talent wars. And as the company has a distinct lack of mobile engineers, the ability to staff up in proper areas is nothing less than critical.

In today’s trading, Yahoo market capitalization rested around the $23.4 billion mark.

Top Image Credit: Scott Schiller