On Wednesday, Enovix got a positive adjustment to its Relative Strength (RS) Rating, from 76 to 83.
IBD's proprietary RS Rating measures technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
Decades of market research shows that the top-performing stocks often have an 80 or better RS Rating as they begin their biggest price moves.
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While it's not currently an ideal time to jump in, see if the stock goes on to establish and enter a buy zone in heavy volume.
The company posted 0% earnings growth in the latest quarterly report, while sales growth came in at 2,060%. The company is expected to report its latest performance numbers on or around Feb. 19.
Enovix earns the No. 20 rank among its peers in the Electrical Power/Equipment industry group. Vertiv Holdings, American Superconductor and Ametek are among the top 5 highly rated stocks within the group.
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