Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.
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.
Veracyte (VCYT)
Headquartered in San Francisco, CA, Veracyte is a global diagnostics company that provides clinicians valuable insights to diagnose and treat cancer. The company has a wide array of advanced genomic tests that leverage deep scientific, clinical and machine learning expertise and other capabilities. Presently, the portfolio includes Afirma (for thyroid cancer), Decipher Prostate (prostate cancer), Prosigna (breast cancer), Envisia (interstitial lung diseases) and Decipher Bladder (bladder cancer), with additional tests in development.
VCYT sits at a Zacks Rank #1 (Strong Buy), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is down 1.7% and up 5.4% over the past one-week and four-week period, respectively, and Veracyte has gained 49.4% in the last one-year period as well. Additionally, an average of 757,859.13 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For VCYT, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.24 to $0.14 per share for 2024. VCYT boasts an average earnings surprise of 328.4%.
VCYT 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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Veracyte, Inc. (VCYT) : Free Stock Analysis Report