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How popular is Texas style BBQ ribs and steak cooking? Mighty popular if the growth of restaurant chain Texas Roadhouse (TXRH) is any indication. Its restaurants are in 49 of the 50 states and in 10 other countries. On Thursday, the Relative Strength Rating for Texas Roadhouse stock climbed to a new percentile, rising to 75, up 12 points from 63 the day before.
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Also on Thursday, the Louisville, Ky.-based company reported second quarter earnings. Revenue grew 14% year over year to $1.02 billion. Earnings eased a penny from a year ago to $1.07 per share.
Texas Roadhouse Stock Rating Improves
The 75 RS Rating means that Texas Roadhouse stock is outperforming 75% of all stocks on price performance. The market’s biggest winners tend to have an RS Rating of over 80 in the early stages of their moves. See if Texas Roadhouse can continue to rebound and clear that threshold.
Looking For Winning Stocks? Try This Simple Routine
Pandemic-induced cabin fever is driving people to the great outdoors, recreation facilities and, of course, to restaurants. Texas Roadhouse has grown at a fast pace over the past year. Last quarter it opened an additional five restaurants and one international franchise.
Recent Stock Price Appreciation
Texas Roadhouse stock rose 3% to 87.978 in heavy volume Thursday. It was down 1.5% in after-hours trading, but still up 27% since June 16. While it’s not currently an ideal time to buy shares, see if the stock is able to form a chart pattern and break out.
Texas Roadhouse stock holds the No. 3 rank among its peers in the Retail-Restaurants industry group, according to IBD Stock Checkup. Kura Sushi USA (KRUS) and Chipotle Mexican Grill (CMG) are also among the group’s highest-rated stocks.
When you’re researching the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD’s proprietary RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock’s price performance over the last 52 weeks compares to other publicly traded companies.
Please follow James DeTar on Twitter @JimDeTar
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Image and article originally from www.investors.com. Read the original article here.