Is InMode (INMD) Outperforming Other Medical Stocks This Year?
Investors focused on the Medical space have likely heard of InMode (INMD), 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 Medical sector should help us answer this question.
InMode is a member of the Medical sector. This group includes 929 individual stocks and currently holds a Zacks Sector Rank of #13. 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 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. INMD is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for INMD's full-year earnings has moved 42.31% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, INMD has gained about 9.08% so far this year. Meanwhile, the Medical sector has returned an average of 1.09% on a year-to-date basis. This means that InMode is performing better than its sector in terms of year-to-date returns.
Looking more specifically, INMD belongs to the Medical - Products industry, which includes 79 individual stocks and currently sits at #115 in the Zacks Industry Rank. On average, stocks in this group have gained 2.26% this year, meaning that INMD is performing better in terms of year-to-date returns.
Going forward, investors interested in Medical stocks should continue to pay close attention to INMD as it looks to continue its 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
InMode Ltd. (INMD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
