Enovix saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, with an increase from 78 to 83.
IBD's unique RS Rating measures technical performance by showing how a stock's price action over the last 52 weeks measures up against that of other stocks on the major indexes.
Decades of market research shows that the best stocks tend to have an RS Rating north of 80 as they launch their biggest price moves.
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While now is not an ideal time to buy shares, see if the stock goes on to form a base and break out.
Enovix reported 0% earnings growth in the latest quarterly report, while sales growth came in at 2,060%. The next quarterly numbers are expected on or around Feb. 19.
The company earns the No. 18 rank among its peers in the Electrical Power/Equipment industry group. American Superconductor, Vertiv Holdings and AZZ are among the top 5 highly rated stocks within the group.
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