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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Momo (MOMO) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Momo is one of 630 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. MOMO is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for MOMO's full-year earnings has moved 9% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, MOMO has moved about 6.96% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 6.13% on average. This shows that Momo is outperforming its peers so far this year.
Looking more specifically, MOMO belongs to the Internet - Software and Services industry, a group that includes 19 individual stocks and currently sits at #50 in the Zacks Industry Rank. This group has gained an average of 9.91% so far this year, so MOMO is slightly underperforming its industry in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MOMO as it looks to continue its solid performance.
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