Are You Looking for a Top Momentum Pick? Why Perimeter Solutions, SA (PRM) is a Great Choice
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Perimeter Solutions, SA (PRM), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Perimeter Solutions, SA currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
In order to see if PRM is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For PRM, shares are up 5.27% over the past week while the Zacks Chemical - Specialty industry is up 3.31% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 21.66% compares favorably with the industry's 3.05% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Perimeter Solutions, SA have risen 58.66%, and are up 93.58% in the last year. On the other hand, the S&P 500 has only moved 16.66% and 14.76%, respectively.
Investors should also pay attention to PRM's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. PRM is currently averaging 1,089,739 shares for the last 20 days.
The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with PRM.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. These revisions helped boost PRM's consensus estimate, increasing from $0.68 to $1.14 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Taking into account all of these elements, it should come as no surprise that PRM is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Perimeter Solutions, SA on your short list.
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This article originally published on Zacks Investment Research (zacks.com).
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