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Investors focused on the Basic Materials space have likely heard of GrowGeneration (GRWG), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
GrowGeneration is one of 245 individual stocks in the Basic Materials sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. GRWG is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for GRWG's full-year earnings has moved 14.72% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that GRWG has returned about 20.39% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of 18.85%. This means that GrowGeneration is performing better than its sector in terms of year-to-date returns.
Looking more specifically, GRWG belongs to the Agriculture - Products industry, a group that includes 7 individual stocks and currently sits at #21 in the Zacks Industry Rank. Stocks in this group have gained about 18.49% so far this year, so GRWG is performing better this group in terms of year-to-date returns.
Investors in the Basic Materials sector will want to keep a close eye on GRWG as it attempts to continue its solid performance.
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