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Here's Why Novo Nordisk (NVO) is a Strong Momentum Stock

Zacks Equity Research
·2-min read

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?

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.

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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 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 boasts a Momentum Style Score of A and VGM Score of B, and holds a Zacks Rank #3 (Hold) rating. Shares of Novo Nordisk has seen some interesting price action recently; the stock is up 4.4% over the past one week and up 7.7% over the past four weeks. And in the last one-year period, NVO has gained 58.6%. As for the stock's trading volume, 4,223,305 shares on average were traded over the last 20 days.

Momentum investors also pay close attention to a company's earnings. For NVO, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.03 to $3.39 per share for 2024. NVO boasts an average earnings surprise of 3.8%.

Investors should take the time to consider NVO for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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

To read this article on Zacks.com click here.

Zacks Investment Research