Catapult Group International Ltd (ASX: CAT) shares have been on an absolute tear this year, skyrocketing triple-digits into the green.

At the time of writing on Monday, the sports analytics stock is up an eye-watering 145% in 2024, having surged 33% in the last month alone.

Catapult is now trading at its highest levels in years. With such a stellar run, investors are likely wondering if there's more fuel in the tank. Or has the tech stock peaked? Let's see what the experts say.

What's driving Catapult shares higher?

Catapult shareholders have been richly rewarded this year, with the company's share price today trading around 2.7 times higher than it was in January.

Catapult works with elite sports teams and organisations to help optimise athlete performance and reduce injury risk.

Financial results this year have shown growth, resulting in revised expectations on the company's future and potential earnings growth.

The company reported an annualised contract value (ACV) of US$97 million in its first-half results, up 20% year over year.

After all operating costs and capital expenditures, it revealed a free cash flow of nearly US$5 million.

Bell Potter analysts were quickly impressed by the numbers, noting "beats across the board" for key financials. 'Beats' refers to beating the broker's expectations

Aside from that, Bell speculates that the American NFL will use Catapult's Tactics and Coaching business, which uses video analysis and a raft of other "tactical analysis" features.

Last year, the NFL generated US$20.2 billion in revenue, so it's no wonder the broker sees an opportunity for Catapult shares there.

Are Catapult shares still a buy?

Despite the stock's meteoric rise, brokers see further room for growth. Unsurprisingly, Bell Potter gives it a buy rating with an increased price target of $3.30.

According to CommSec, consensus also rates it a 'strong buy', and no brokers recommend holding or selling the stock.

Meanwhile, PAC Partners analyst James Nicolaou speculated the volume of trading in Catapult shares hints at a potential takeover bid.

However, according to my colleague Tristan, Forager Funds Management dismissed the idea, attributing the trading activity to financial results rather than acquisition whispers.

Foolish takeaway

While Catapult shares have already delivered triple-digit returns in 2024, brokers believe there's still gas to burn.

The stock closed at all-time highs of $3.88 apiece in August 2016. Based on the bounce of the current rally and recent buying of shares, Catapult is not far off this mark.

The catapult share price is up nearly 200% over the past 12 months.