When putting together your watch list, focus on stocks with an 80 or higher RS Rating. Enovix is one stock that just reached the mark, now earning a score of 88.
IBD's unique RS Rating tracks technical performance by showing how a stock's price movement over the last 52 weeks compares to that of other stocks on the major indexes.
Over 100 years of market history shows that the best-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to establish and enter a buying range in heavy volume.
Enovix showed 0% EPS growth in the latest quarterly report, while sales growth came in at 2,060%.
Enovix holds the No. 14 rank among its peers in the Electrical Power/Equipment industry group. Vertiv Holdings, American Superconductor and Eaton Corp. PLC are among the top 5 highly rated stocks within the group.
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