Why VERACYTE INC (NASDAQ:VCYT) qualifies as a high growth stock.

We've identified VERACYTE INC (NASDAQ:VCYT) 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:VCYT for further developments.

Deciphering the Technical Picture of NASDAQ:VCYT

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to VCYT. Both in the recent history as in the last year, VCYT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that VCYT is one of the better performing stocks in the market, outperforming 93% of all stocks. We also observe that the gains produced by VCYT over the past year are nicely spread over this period.
• VCYT is part of the Biotechnology industry. There are 572 other stocks in this industry. VCYT outperforms 90% of them.
• VCYT is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month VCYT has a been trading in the 40.25 - 47.32 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of VCYT for a complete technical analysis.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:VCYT scores a 8 out of 10:

VCYT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 43.31, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Why NASDAQ:VCYT may be interesting for high growth investors.

• With a favorable trend in its quarter-to-quarter (Q2Q) earnings per share (EPS), VERACYTE INC highlights its ability to generate increasing profitability, showcasing a 146.0% growth.
• VERACYTE INC has achieved 28.58% growth in its revenue over the previous quarter, signaling positive momentum in its financial performance and potential market opportunities.
• The 1-year revenue growth of VERACYTE INC (23.95%) has been strong, reflecting the company's ability to generate consistent sales growth. This growth suggests the company's ability to meet customer needs and expand its market share.
• VERACYTE INC has seen a 822.0% change in the average next Quarter EPS Estimate by analysts over the last 3 months, signaling the shifting perception of the company's EPS outlook.
• In the most recent financial report, VERACYTE INC reported a 146.0% increase in quarterly earnings compared to the previous quarter. This notable growth indicates positive momentum in the company's financials, suggesting an upward trend
• The earnings per share (EPS) growth of VERACYTE INC are accelerating: the current Q2Q growth of 146.0% is above the previous year Q2Q growth of -242.0%. Earnings momentum and acceleration are key for high growth systems.
• VERACYTE INC has experienced notable growth in its operating margin over the past year, reflecting improved operational performance. This growth suggests the company's ability to generate higher profits from its core business activities.
• The free cash flow (FCF) of VERACYTE INC has seen steady growth over the past year, indicating enhanced cash flow generation and financial health. This trend underscores the company's effective capital management and its ability to generate sustainable cash flows.
• With a Debt-to-Equity ratio at 0.0, VERACYTE INC showcases its prudent financial management. The company's balanced approach between debt and equity reflects its commitment to maintaining a stable capital structure.
• VERACYTE INC has exceeded EPS estimates 3 times in the last 4 quarters, demonstrating its ability to outperform market expectations. This trend highlights the company's strong financial performance and its potential for future growth.
• The Relative Strength (RS) of VERACYTE INC has been consistently solid, with a current 93.09 rating. This highlights the stock's ability to exhibit sustained price strength and signifies its competitive advantage. VERACYTE INC exhibits strong prospects for further price appreciation.

More ideas for high growth momentum breakouts can be found on ChartMill in our High Growth Momentum Breakout screen.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.