Top-ranked Rush Enterprises rose above a buy point in massive volume Monday, defying the overall market's down day. And it closed above that buy point.
Rush sells the trucks to trucking firms that deliver our food, clothing and other items. The Fortune 500 company operates the biggest network of commercial trucking dealerships in the country. And despite high inflation it's put up double-digit profit growth and strong sales growth every quarter this year. On Monday, the Relative Strength (RS) Rating for Rush stock rose above a key benchmark, to 82, up from 76.
Rush Stock Other Ratings Superb
It's notable because market research demonstrates that the best stocks typically have an RS Rating north of 80 as they launch their biggest climbs. Among its other key ratings, Rush boasts a 96 Earnings Per Share Rating, on a 1-99 scale with 1 terrible and 99 superb. Its Composite Rating is a best-possible 99 and it has an excellent A Accumulation/Distribution Rating on an A+ to E scale.
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Rush stock completed a cup with handle base with a 55.16 buy point on Monday. It topped the buy point, and closed at 56.76, holding above it. Volume surged 390% above average, a bullish sign. With the overall market under pressure it may not be the best time to buy stocks, but Rush is certainly a good stock watchlist candidate.
Double-Digit Profit Growth
Las quarter Rush reported 33% earnings growth on a year-over-year basis, to $1.59 per share. The prior three stanzas its EPS grew 64%, 81% and 75%. Revenue in its latest quarter shot up 47% to $1.86 billion, its strongest growth in a year.
The company earns the No. 1 rank among its peers in the Retail/Wholesale-Auto Parts industry group. Group1 Auto and Asbury Automotive are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. The unique IBD Relative Strength Rating identifies market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
