Enovix saw a positive improvement to its Relative Strength (RS) Rating on Thursday, with an increase from 87 to 95.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's proprietary RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the best stocks typically have an 80 or higher RS Rating as they launch their largest price moves.
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Enovix is not currently offering a proper buying opportunity. Yesterday it dropped below the 200-day moving average while today it seems to be holding at the 21-day, according to a MarketSmith chart. See if the stock goes on to build a sound pattern that could spark a new run.
Earnings Review
Enovix showed 0% EPS growth last quarter, while sales growth came in at 0%. The next earnings report is due May 10.
The company holds the No. 19 rank among its peers in the Electrical Power/Equipment industry group. Allied Motion Techs, Powell Industries and nVent Electric are among the top 5 highly rated stocks within the group.
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