Beacon Roofing Supply stock saw its IBD SmartSelect Composite Rating jump to 97 Monday, up from 90 the day before.
The upgrade means the stock currently tops 97% of all other stocks in terms of key performance metrics and technical strength.
Beacon Roofing Supply stock broke out earlier, but has fallen back below the prior 62.89 entry from a cup with handle. In the scenario where a stock breaks out then falls 7% or more below the entry price, it's considered a failed breakout. If that happens, it's best to wait for a new base to form. In this current bear market, it's best to wait for the market to rebound before jumping in.
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The stock sports a 92 EPS Rating, meaning its recent quarterly and annual earnings growth is outpacing 92% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
In Q1, the roofing company posted 326% earnings-per-share growth. That marks two straight quarters of rising EPS gains. Sales growth climbed 28%, up from 11% in the prior report. The company has now posted increasing growth in each of the last two quarters.
Beacon Roofing Supply stock holds the No. 1 rank among its peers in the Retail/Wholesale-Building Products industry group. Applied Industrial Technologies and Bluelinx are also among the group's highest-rated stocks.
