Is Align Technology (ALGN) Outperforming Other Medical Stocks This Year?
For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Align Technology (ALGN) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.
Align Technology is one of 763 individual stocks in the Medical sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. ALGN is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ALGN's full-year earnings has moved 5.07% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that ALGN has returned about 53.98% since the start of the calendar year. Meanwhile, the Medical sector has returned an average of 0.27% on a year-to-date basis. This means that Align Technology is performing better than its sector in terms of year-to-date returns.
Looking more specifically, ALGN belongs to the Medical - Dental Supplies industry, a group that includes 23 individual stocks and currently sits at #83 in the Zacks Industry Rank. This group has gained an average of 3.15% so far this year, so ALGN is performing better in this area.
Investors with an interest in Medical stocks should continue to track ALGN. The stock will be looking to continue its solid performance.
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