Why NASDAQ:STX qualifies as a high growth stock.

We've identified SEAGATE TECHNOLOGY HOLDINGS (NASDAQ:STX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:STX for further developments.

Technical analysis of NASDAQ:STX

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall STX gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, STX is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, STX did better than 86% of all other stocks. On top of that, STX also shows a nice and consistent pattern of rising prices.
• STX is part of the Technology Hardware, Storage & Peripherals industry. There are 32 other stocks in this industry. STX outperforms 83% of them.
• STX is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so STX is lagging the market slightly.
• STX is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

For an up to date full technical analysis you can check the technical report of STX

How does the Setup look for NASDAQ:STX

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:STX currently has a 7 as setup rating:

Besides having an excellent technical rating, STX also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 109.30. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 108.94, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Looking into the high growth metrics of SEAGATE TECHNOLOGY HOLDINGS

• SEAGATE TECHNOLOGY HOLDINGS has demonstrated consistent growth in its earnings per share (EPS) from one quarter to another (Q2Q), with a 683.0% increase. This indicates improving financial performance and the company's effective management of its operations.
• Analysts' average next Quarter EPS Estimate for SEAGATE TECHNOLOGY HOLDINGS has witnessed a 27.57% change in the last 3 months, underscoring the dynamic nature of market sentiment towards the company's EPS prospects.
• The recent financial report of SEAGATE TECHNOLOGY HOLDINGS demonstrates a 683.0% increase in quarterly earnings compared to the previous quarter. This growth indicates positive momentum in the company's financials and suggests a promising upward trend
• The earnings per share (EPS) growth of SEAGATE TECHNOLOGY HOLDINGS are accelerating: the current Q2Q growth of 683.0% is above the previous year Q2Q growth of -111.0%. Earnings momentum and acceleration are key for high growth systems.
• With positive growth in its operating margin over the past year, SEAGATE TECHNOLOGY HOLDINGS showcases its ability to improve profitability through effective cost control and operational efficiency. This growth underscores the company's commitment to enhancing its financial performance.
• With a track record of beating EPS estimates 3 times in the last 4 quarters, SEAGATE TECHNOLOGY HOLDINGS showcases its consistent ability to deliver earnings surprises. This reflects the company's strong execution and its competitive position in the market.
• SEAGATE TECHNOLOGY HOLDINGS has achieved an impressive Relative Strength (RS) rating of 86.59, showcasing its ability to outperform the broader market. This strong performance positions SEAGATE TECHNOLOGY HOLDINGS as an attractive stock for potential price appreciation.

More high growth momentum breakout stocks can be found in our High Growth Momentum Breakout screen.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.