On Thursday, Parsons received an upgrade to its Relative Strength (RS) Rating, from 75 to 81.
IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against other publicly traded companies.
Over 100 years of market history shows that the best stocks tend to have an 80 or better RS Rating in the early stages of their moves.
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Parsons has risen more than 5% past an 83.17 entry in a second-stage cup with handle, meaning it's now out of a proper buy range. Look for the stock to offer a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Top and bottom line growth moved higher last quarter. Earnings were up 38%, compared to 33% in the prior report. Revenue increased from 23% to 28%.
The company holds the No. 24 rank among its peers in the Computer Software-Enterprise industry group. Samsara, Klaviyo and Cloudflare are among the top 5 highly rated stocks within the group.
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