Is Align Technology (ALGN) Stock Outpacing Its Medical Peers This Year?
Investors focused on the Medical space have likely heard of Align Technology (ALGN), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of ALGN and the rest of the Medical group's stocks.
Align Technology is one of 844 individual stocks in the Medical sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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).
Within the past quarter, the Zacks Consensus Estimate for ALGN's full-year earnings has moved 6.54% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that ALGN has returned about 35.28% since the start of the calendar year. At the same time, Medical stocks have gained an average of 1.42%. This means that Align Technology is outperforming the sector as a whole this year.
To break things down more, ALGN belongs to the Medical - Dental Supplies industry, a group that includes 21 individual companies and currently sits at #34 in the Zacks Industry Rank. Stocks in this group have gained about 12.25% so far this year, so ALGN is performing better this group in terms of year-to-date returns.
ALGN will likely be looking to continue its solid performance, so investors interested in Medical stocks should continue to pay close attention to the company.
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