Here's Why Skechers (SKX) is a Strong Momentum Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
Skechers (SKX)
Founded in 1992 and headquartered in Manhattan Beach, California, Skechers U.S.A., Inc. designs, develops, markets, and distributes footwear for men, women, and children in the United States and overseas under the SKECHERS name, as well as under several uniquely branded names.
SKX sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of A. The stock is down 3.6% and up 1% over the past one-week and four-week period, respectively, and Skechers has gained 39.6% in the last one-year period as well. Additionally, an average of 1,332,452.38 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For SKX, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0 to $3.43 per share for 2023. SKX boasts an average earnings surprise of 50.3%.
Investors should take the time to consider SKX for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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Skechers U.S.A., Inc. (SKX) : Free Stock Analysis Report
