Paramount Global (PARAA) Shows Fast-paced Momentum But Is Still a Bargain Stock

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.Paramount Global (PARAA) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 7%, the stock of this company is certainly well-positioned in this regard.While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. PARAA meets this criterion too, as the stock gained 7.4% over the past 12 weeks.Moreover, the momentum for PARAA is fast paced, as the stock currently has a beta of 1.64. This indicates that the stock moves 64% higher than the market in either direction.Given this price performance, it is no surprise that PARAA has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped PARAA earn a Zacks Rank #1 (Strong Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Most importantly, despite possessing fast-paced momentum features, PARAA is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. PARAA is currently trading at 0.55 times its sales. In other words, investors need to pay only 55 cents for each dollar of sales.So, PARAA appears to have plenty of room to run, and that too at a fast pace.In addition to PARAA, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.This is not the only screen that could help you find your next winning stock pick. 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