Longtime Honeywell CEO Backs This Supercharged Growth Stock: Is It a Buy?
It would be an understatement to say digital infrastructure technology company Vertiv (NYSE: VRT) has had a challenging 2022. As I write, the stock is down over 24% over the past year. Most of that decline came in the month following a tumultuous fourth-quarter 2021 earnings report released in February 2022. However, since hitting a 52-week low in July 2022, the stock has roughly doubled in value as investors warmed to the returned potential for growth at the company under new management.
Is Vertiv stock a buy right now? Let's take a closer look.
Vertiv offers a wide range of products to data centers and communication network customers, including power management, thermal management, and management systems. It's an exciting market, and there's no problem with the company's orders and backlog. For example, orders were up 15% year over year in the third quarter of 2022, and the backlog stood at $4.7 billion at the end of the third quarter, a 46% increase from the end of 2021. For reference, management expects about $5.7 billion in sales for 2022.
Source Fool.com