On Wednesday, e.l.f. Beauty got an upgrade for its IBD SmartSelect Composite Rating from 92 to 96. Along with that number, the RS Rating is 95. Yesterday, the stock was added to the IBD 50 watchlist.
The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major climbs.
e.l.f. Beauty is currently extended beyond a proper buy zone after clearing the 56.92 entry in a flat base from a MarketSmith weekly chart early this year. Recent earnings have given the stock a boost past key moving averages. Let's see if the stock can form a new pattern that provides a buying opportunity in this new market trend.
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e.l.f Earnings
The stock sports a 98 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 98% of all stocks.
Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.
In Q2, the company posted 128% EPS growth. Revenue was flat, matching the prior report's 76%.
e.l.f. Beauty holds the No. 1 rank among its peers in the Cosmetics/Personal Care industry group. Inter Parfums and FitLife Brands are also among the group's highest-rated stocks.
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