Here's Why Ingevity (NGVT) is a Strong Momentum Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
Based in North Charleston, SC, Ingevity Corporation is a global producer of high performance activated carbon materials and specialty chemicals. The company provides innovative solutions through proprietary formulated products. Ingevity started trading in May 2016 after its spinoff from the WestRock Company.
NGVT boasts a Momentum Style Score of B and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of Ingevity has seen some interesting price action recently; the stock is up 6.1% over the past one week and up 5.4% over the past four weeks. And in the last one-year period, NGVT has lost 23.5%. As for the stock's trading volume, 193,392.34 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. Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2022. The Zacks Consensus Estimate has increased $0.23 to $5.95 per share. NGVT boasts an average earnings surprise of 22.6%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding NGVT to their portfolios.
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Ingevity Corporation (NGVT) : Free Stock Analysis Report
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