Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
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?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Qorvo (QRVO)
Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a Zacks Rank #2 (Buy) stock, with a Momentum Style Score of B and VGM Score of A. Shares are up 2.9% over the past one week and up 10.2% over the past four weeks. QRVO has gained 5% in the last one-year period as well. Looking at trading volume, an average of 1,660,568.75 shares exchanged hands over the last 20 trading days.
A company's earnings performance is important for momentum investors as well. For fiscal 2024, eight analysts revised their earnings estimate higher in the last 60 days for QRVO, while the Zacks Consensus Estimate has increased $0.40 to $6.03 per share. QRVO also boasts an average earnings surprise of 76.4%.
QRVO should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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Qorvo, Inc. (QRVO) : Free Stock Analysis Report
