Exploring 3 Dynamic Momentum Stocks to Keep an Eye on Next Week

 After experiencing a volatile start, the stock market now seems to have found stability. Last Friday, the S&P 500 index broke out from a four-week consolidation, reaching a new intraday high above 4,800.

With the market displaying robust action, it's an opportune time to identify stocks poised for significant upward moves. Here are three such stocks showing strong momentum along with top Zacks Ranks.

1. Zillow Group (ZG):

   • Zillow Group, a prominent online real estate brand, holds a leading position in the home-buying experience.
   • Currently trading near an attractive valuation at 31x forward earnings.
   • ZG has received a Zacks Rank #1 (Strong Buy) due to steady earnings estimates upgrades.
   • Next quarter earnings estimates have risen by 5.4%, and FY24 earnings estimates forecast a 32.6% YoY growth to $1.66 per share.
   • ZG stock is setting up for a potential momentum breakout, having cleared the $51.50 level. A sustained hold above this level may lead to new highs.

2. Shopify (SHOP):

   • Shopify, a cloud-based e-commerce platform, has become a vital infrastructure for small and medium-sized enterprises.
   • Expected to achieve sales growth of 25% this year and 19% next year.
   • SHOP stock, although off its all-time high, has outperformed the market with an annual compounding rate of 38%.
   • Holds a Zacks Rank #1 (Strong Buy) with upward trending earnings estimate revisions. EPS is forecast to grow by an impressive 49% next year.
   • SHOP stock is forming a convincing technical bull flag, and a close above $79.50 could signal a breakout to new highs.

3. Pinterest (PINS):

   • Pinterest, a social media platform with nearly 500 million monthly active users, presents a compelling investment opportunity.
   • Expected to achieve a 36% annual EPS growth over the next 3-5 years with a forward earnings multiple of 28.5x.
   • PEG Ratio of 0.79x indicates discounted valuations based on growth estimates.
   • Holds a Zacks Rank #1 (Strong Buy) with upward trending earnings estimates. Earnings are expected to climb in both the coming quarters and years.
   • PINS stock has been forming pennants and flags, poised for a breakout if it surpasses the $38.10 level.

Bottom Line: As long as the market maintains its current trend, investors should consider the bullish outlook. However, it is crucial for those trading momentum breakout setups to have a well-defined trading plan and practice prudent risk management. "The trend is your friend," and these three stocks exhibit promising setups for potential future gains.

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