Yahoo Finance Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Avnet (AVT)
Based in Phoenix, AZ, Avnet Inc., (AVT) is one of the world’s largest distributors of electronic components and computer products. The company’s customer base includes original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), and value-added resellers (VARs). Avnet maintains an extensive inventory, including electronic products from more than 300 component and system manufacturers, which it distributes to customers worldwide.
AVT boasts a Momentum Style Score of A and VGM Score of B, and holds a Zacks Rank #3 (Hold) rating. Shares of Avnet has seen some interesting price action recently; the stock is down 1.7% over the past one week and up 4.3% over the past four weeks. And in the last one-year period, AVT has gained 13.2%. As for the stock's trading volume, 638,789.88 shares on average were traded over the last 20 days.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $0.19 to $7.16 per share. AVT boasts an average earnings surprise of 15.5%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding AVT to their portfolios.
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Avnet, Inc. (AVT) : Free Stock Analysis Report
