Stocks With Rising Relative Strength: CarParts
In a welcome move, CarParts saw its Relative Strength Rating improve from 67 to 71 on Wednesday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the trailing 52 weeks stacks up against all the other stocks in our database.
History reveals that the best stocks often have an RS Rating of above 80 as they begin their largest price moves. See if CarParts can continue to show renewed price strength and hit that benchmark.
Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock manages to offer and clear a proper buy point.
While revenue growth fell last quarter from 65% to 32%, EPS grew 33%, up from 0% in the previous report.
CarParts holds the No. 8 rank among its peers in the Retail/Wholesale-Auto industry group. LKQ and O'Reilly Automotive are also among the group's highest-rated stocks.