Has HealthEquity (HQY) Outpaced Other Medical Stocks This Year?
The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. HealthEquity (HQY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
HealthEquity is one of 1114 companies in the Medical group. The Medical 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. HealthEquity is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for HQY's full-year earnings has moved 17.4% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, HQY has gained about 9.9% so far this year. Meanwhile, the Medical sector has returned an average of -2.8% on a year-to-date basis. This means that HealthEquity is performing better than its sector in terms of year-to-date returns.
Another Medical stock, which has outperformed the sector so far this year, is InMode (INMD). The stock has returned 6.7% year-to-date.
In InMode's case, the consensus EPS estimate for the current year increased 0.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, HealthEquity is a member of the Medical Services industry, which includes 67 individual companies and currently sits at #173 in the Zacks Industry Rank. This group has lost an average of 7.6% so far this year, so HQY is performing better in this area.
InMode, however, belongs to the Medical - Products industry. Currently, this 99-stock industry is ranked #95. The industry has moved -1.6% so far this year.
Going forward, investors interested in Medical stocks should continue to pay close attention to HealthEquity and InMode as they could maintain their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
HealthEquity, Inc. (HQY) : Free Stock Analysis Report
InMode Ltd. (INMD) : Free Stock Analysis Report
