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Wall Street is witnessing a strong rally in June buoyed by the Fed’s decision to halt interest rate hike in the June FOMC after 10 consecutive increases. Recently released several favorable economic data, especially inflation data, compelled market participants to ignore the Fed Chairman’s rate hike warnings for the rest of this year.
Last week, Wall Street posted several new records. The Dow, the S&P 500 and the Nasdaq Composite registered their winning run for the third, fifth and eighth consecutive weeks, respectively. The S&P 500 and the Nasdaq Composite posted their best weekly performance since March and intraday highest level since April 2022.
As a result, several stocks have shown price strength. We have selected five stocks likely to gain in the near term on the back of a favorable Zacks Rank. These companies are — EnerSys (ENS - Free Report) , Consolidated Water Co. Ltd. (CWCO - Free Report) , inTEST Corp. (INTT - Free Report) , Bluegreen Vacations Holding Corp. and Crawford & Co. (CRD.A - Free Report) .
Here’s How We Arrived at the Picks
We have primarily targeted stocks that have freshly been on a bull run. Stocks seeing price strength recently have a high chance of carrying the momentum forward.
If a stock is continuously witnessing an uptrend, there must be a solid reason or it would have probably crashed. So, looking at stocks capable of beating the benchmark that they have set for themselves seems rational.
However, recent price strength alone cannot create magic. Therefore, other relevant parameters are needed to create a successful investment strategy.
Here’s how you should create the screen to shortlist the current as well as the potential winners.
Screening Parameters:
Percentage Change in Price (4 Weeks) greater than zero: This criterion shows that the stock has moved higher in the last four weeks.
Percentage Change Price (12 Weeks) greater than 10: This indicates that the stock has seen momentum over the last three months. This lowers the risk of choosing stocks that may have drawn attention due to the overwhelming performance of the overall market in a very short period.
Zacks Rank 1: No matter whether market conditions are good or bad, stocks with a Zacks Rank #1 (Strong Buy) have a proven history of outperformance. You can see the complete list of today’s Zacks #1 Rank stocks here.
Average Broker Rating 1: This indicates that brokers are also highly hopeful about the stock’s future performance.
Current Price greater than 5: The stocks must all be trading at a minimum of $5.
Current Price/ 52-Week High-Low Range more than 85%: This criterion filters stocks that are trading near their respective 52-week highs. It indicates that these are strong enough in terms of price.
Just these few criteria narrowed down the search from over 7,700 stocks to 16.
Let’s discuss five out of these 16 stocks:
EnerSys is engaged in the manufacturing, marketing and distribution of various industrial batteries. Additionally, ENS develops battery chargers and accessories, power equipment and outdoor cabinet enclosures. This apart, ENS provides support services for clients.
The stock price of EnterSys has jumped 20.3% in the past four weeks. It has an expected earnings growth rate of 28.1% for the current year (ending March 2024). The Zacks Consensus Estimate for current-year earnings has improved 11.6% over the last 30 days.
Consolidated Water is involved in the development and operation of seawater desalination plants and water distribution systems in areas where naturally occurring supplies of potable water are scarce or nonexistent.
CWCO also focuses on expanding operation in areas having a large proportion of tourist properties and growing population. Consolidated Water has four business segments, Retail, Bulk, Services and Manufacturing.
The stock price of Consolidated Water has climbed 16.4% in the past four weeks. It has an expected earnings growth rate of 79.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 3.2% over the last 30 days.
inTEST is an independent designer, manufacturer, and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform the final testing of integrated circuits and wafers. INTT’s high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes.
Specific products of inTEST include positioner and docking hardware products, temperature management systems and customized interface solutions. INTT has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices.
The stock price of inTEST has surged 12.4% in the past four weeks. It has an expected earnings growth rate of 12.1% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 23.3% over the last 60 days.
Bluegreen Vacations operates as a vacation ownership company. BVH markets and sells vacation ownership interests (VOI), and manages resorts in leisure and urban destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, and others.
BVH also provides resort management, mortgage, title, reservation, and construction design and development services; and financing to qualified VOI purchasers and management services to the vacation club and homeowners' associations.
The stock price of Bluegreen Vacations has advanced 12.3% in the past four weeks. It has an expected earnings growth rate of 17.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 11.8% over the last 60 days.
Crawford & Co. is the world's largest independent provider of diversified services to insurance companies, self-insured corporations, and governmental entities. CRD.A provides claims management and outsourcing solutions for carriers, brokers, and corporations in the United States, the United Kingdom, Europe, Canada, Australia, Asia, and Latin America. Crawford operates through four segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions.
The stock price of Crawford & Co. has rallied 11.4% in the past four weeks. It has an expected earnings growth rate of 61.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 29.9% over the last 60 days.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Image: Bigstock
5 Stocks With Recent Price Strength to Grab Now
Wall Street is witnessing a strong rally in June buoyed by the Fed’s decision to halt interest rate hike in the June FOMC after 10 consecutive increases. Recently released several favorable economic data, especially inflation data, compelled market participants to ignore the Fed Chairman’s rate hike warnings for the rest of this year.
Last week, Wall Street posted several new records. The Dow, the S&P 500 and the Nasdaq Composite registered their winning run for the third, fifth and eighth consecutive weeks, respectively. The S&P 500 and the Nasdaq Composite posted their best weekly performance since March and intraday highest level since April 2022.
As a result, several stocks have shown price strength. We have selected five stocks likely to gain in the near term on the back of a favorable Zacks Rank. These companies are — EnerSys (ENS - Free Report) , Consolidated Water Co. Ltd. (CWCO - Free Report) , inTEST Corp. (INTT - Free Report) , Bluegreen Vacations Holding Corp. and Crawford & Co. (CRD.A - Free Report) .
Here’s How We Arrived at the Picks
We have primarily targeted stocks that have freshly been on a bull run. Stocks seeing price strength recently have a high chance of carrying the momentum forward.
If a stock is continuously witnessing an uptrend, there must be a solid reason or it would have probably crashed. So, looking at stocks capable of beating the benchmark that they have set for themselves seems rational.
However, recent price strength alone cannot create magic. Therefore, other relevant parameters are needed to create a successful investment strategy.
Here’s how you should create the screen to shortlist the current as well as the potential winners.
Screening Parameters:
Percentage Change in Price (4 Weeks) greater than zero: This criterion shows that the stock has moved higher in the last four weeks.
Percentage Change Price (12 Weeks) greater than 10: This indicates that the stock has seen momentum over the last three months. This lowers the risk of choosing stocks that may have drawn attention due to the overwhelming performance of the overall market in a very short period.
Zacks Rank 1: No matter whether market conditions are good or bad, stocks with a Zacks Rank #1 (Strong Buy) have a proven history of outperformance. You can see the complete list of today’s Zacks #1 Rank stocks here.
Average Broker Rating 1: This indicates that brokers are also highly hopeful about the stock’s future performance.
Current Price greater than 5: The stocks must all be trading at a minimum of $5.
Current Price/ 52-Week High-Low Range more than 85%: This criterion filters stocks that are trading near their respective 52-week highs. It indicates that these are strong enough in terms of price.
Just these few criteria narrowed down the search from over 7,700 stocks to 16.
Let’s discuss five out of these 16 stocks:
EnerSys is engaged in the manufacturing, marketing and distribution of various industrial batteries. Additionally, ENS develops battery chargers and accessories, power equipment and outdoor cabinet enclosures. This apart, ENS provides support services for clients.
The stock price of EnterSys has jumped 20.3% in the past four weeks. It has an expected earnings growth rate of 28.1% for the current year (ending March 2024). The Zacks Consensus Estimate for current-year earnings has improved 11.6% over the last 30 days.
Consolidated Water is involved in the development and operation of seawater desalination plants and water distribution systems in areas where naturally occurring supplies of potable water are scarce or nonexistent.
CWCO also focuses on expanding operation in areas having a large proportion of tourist properties and growing population. Consolidated Water has four business segments, Retail, Bulk, Services and Manufacturing.
The stock price of Consolidated Water has climbed 16.4% in the past four weeks. It has an expected earnings growth rate of 79.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 3.2% over the last 30 days.
inTEST is an independent designer, manufacturer, and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform the final testing of integrated circuits and wafers. INTT’s high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes.
Specific products of inTEST include positioner and docking hardware products, temperature management systems and customized interface solutions. INTT has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices.
The stock price of inTEST has surged 12.4% in the past four weeks. It has an expected earnings growth rate of 12.1% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 23.3% over the last 60 days.
Bluegreen Vacations operates as a vacation ownership company. BVH markets and sells vacation ownership interests (VOI), and manages resorts in leisure and urban destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, and others.
BVH also provides resort management, mortgage, title, reservation, and construction design and development services; and financing to qualified VOI purchasers and management services to the vacation club and homeowners' associations.
The stock price of Bluegreen Vacations has advanced 12.3% in the past four weeks. It has an expected earnings growth rate of 17.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 11.8% over the last 60 days.
Crawford & Co. is the world's largest independent provider of diversified services to insurance companies, self-insured corporations, and governmental entities. CRD.A provides claims management and outsourcing solutions for carriers, brokers, and corporations in the United States, the United Kingdom, Europe, Canada, Australia, Asia, and Latin America. Crawford operates through four segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions.
The stock price of Crawford & Co. has rallied 11.4% in the past four weeks. It has an expected earnings growth rate of 61.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 29.9% over the last 60 days.
You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.