Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

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?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

Novo Nordisk (NVO)

Bagsværd, Denmark-based Novo Nordisk is a global healthcare company and a leader in the worldwide diabetes market with a full portfolio of glucagon-like peptide 1 (GLP-1) receptor agonists, modern insulins and human insulins. The company is also a key player in hemophilia care, growth hormone therapy, hormone replacement therapy and obesity.

NVO sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is up 5.6% and up 11.3% over the past one-week and four-week period, respectively, and Novo Nordisk has gained 80.8% in the last one-year period as well. Additionally, an average of 3,394,820 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For NVO, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.10 to $3.42 per share for 2024. NVO boasts an average earnings surprise of 3.8%.

NVO should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.

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Novo Nordisk A/S (NVO) : Free Stock Analysis Report

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