Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
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.
Enphase Energy (ENPH)
Incorporated in 2006, Enphase Energy, Inc. is a global energy technology company that delivers energy management technology for the solar industry. It designs, develops, manufactures and sells home energy solutions, which connect energy generation, energy storage and control and communications management on one intelligent platform.
ENPH is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of B. Shares are up 10.3% over the past one week and up 16.8% over the past four weeks. ENPH has lost 8.8% in the last one-year period as well. Looking at trading volume, an average of 3,026,303.25 shares exchanged hands over the last 20 trading days.
A company's earnings performance is important for momentum investors as well. For fiscal 2023, five analysts revised their earnings estimate higher in the last 60 days for ENPH, while the Zacks Consensus Estimate has increased $0.03 to $5.57 per share. ENPH also boasts an average earnings surprise of 19.5%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding ENPH to their portfolios.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
