Are Computer and Technology Stocks Lagging Inseego (INSG) This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Inseego (INSG) 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 Computer and Technology sector should help us answer this question.
Inseego is one of 621 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #12 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Inseego is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for INSG's full-year earnings has moved 0.2% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, INSG has gained about 15.1% so far this year. In comparison, Computer and Technology companies have returned an average of 8.9%. This shows that Inseego is outperforming its peers so far this year.
Airbnb, Inc. (ABNB) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 10.6%.
For Airbnb, Inc. the consensus EPS estimate for the current year has increased 0.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Inseego belongs to the Internet - Software industry, which includes 146 individual stocks and currently sits at #79 in the Zacks Industry Rank. On average, this group has gained an average of 17.8% so far this year, meaning that INSG is slightly underperforming its industry in terms of year-to-date returns.
Airbnb, Inc. however, belongs to the Internet - Content industry. Currently, this 15-stock industry is ranked #103. The industry has moved +6.4% so far this year.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Inseego and Airbnb, Inc. as they could maintain their solid performance.
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