Renegade Exploration (ASX:RNX) Momentum Rank : 0 (As of Dec. 12, 2024)

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What is Renegade Exploration Momentum Rank?

Renegade Exploration has the Momentum Rank of 0.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

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Renegade Exploration Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Renegade Exploration Ltd (ASX:RNX) » Definitions » Momentum Rank

Comparable Companies

Traded in Other Exchanges

N/A

Address

6 – 10 Duoro Street, Unit 13,, West Perth, WA, AUS, 6005

Website

https://www.renegadeexploration.com

Renegade Exploration Ltd is a minerals exploration & development company exploring zinc, lead & base metals. Its projects include the Yukon Base Metal Project, McCleery Copper-Cobalt Project, Carpentaria Joint Venture project among others. Its geographical operating segments include Australia and Canada which involves mining exploration for zinc and gold.

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