Investors focused on the Computer and Technology space have likely heard of Cree (CREE), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Cree is one of 659 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. CREE is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for CREE's full-year earnings has moved 146.30% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CREE has returned about 24.10% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 1.35% on a year-to-date basis. This shows that Cree is outperforming its peers so far this year.
Breaking things down more, CREE is a member of the Semiconductor - Discretes industry, which includes 3 individual companies and currently sits at #13 in the Zacks Industry Rank. On average, this group has gained an average of 13.66% so far this year, meaning that CREE is performing better in terms of year-to-date returns.
CREE will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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