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? 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.
Cree is one of 660 companies in the Computer and Technology group. The Computer and Technology group currently sits at #6 within 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. 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 202.27% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, CREE has gained about 11.79% so far this year. Meanwhile, the Computer and Technology sector has returned an average of -0.65% on a year-to-date basis. As we can see, Cree is performing better than its sector in the calendar year.
Looking more specifically, CREE belongs to the Semiconductor - Discretes industry, a group that includes 3 individual stocks and currently sits at #38 in the Zacks Industry Rank. This group has gained an average of 1.97% so far this year, so CREE is performing better in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to CREE as it looks to continue its solid performance.
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