U.S. markets open in 3 hours 55 minutes
  • S&P Futures

    +6.75 (+0.17%)
  • Dow Futures

    +48.00 (+0.15%)
  • Nasdaq Futures

    +9.75 (+0.07%)
  • Russell 2000 Futures

    +4.80 (+0.27%)
  • Crude Oil

    -0.04 (-0.05%)
  • Gold

    -0.70 (-0.04%)
  • Silver

    +0.02 (+0.07%)

    -0.0014 (-0.13%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    +0.11 (+0.58%)

    -0.0018 (-0.15%)

    +0.5530 (+0.42%)
  • Bitcoin USD

    -717.98 (-2.51%)
  • CMC Crypto 200

    -10.18 (-1.64%)
  • FTSE 100

    +15.52 (+0.20%)
  • Nikkei 225

    +258.55 (+0.93%)

Is Nikola (NKLA) Outperforming Other Auto-Tires-Trucks Stocks This Year?

Investors interested in Auto-Tires-Trucks stocks should always be looking to find the best-performing companies in the group. Is Nikola (NKLA) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Auto-Tires-Trucks peers, we might be able to answer that question.

Nikola is one of 122 companies in the Auto-Tires-Trucks group. The Auto-Tires-Trucks group currently sits at #12 within 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 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. Nikola is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for NKLA's full-year earnings has moved 19.2% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, NKLA has returned 28.2% so far this year. Meanwhile, stocks in the Auto-Tires-Trucks group have lost about 44.9% on average. This means that Nikola is outperforming the sector as a whole this year.

Another Auto-Tires-Trucks stock, which has outperformed the sector so far this year, is Paccar (PCAR). The stock has returned 11.8% year-to-date.

The consensus estimate for Paccar's current year EPS has increased 14.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Nikola belongs to the Automotive - Domestic industry, a group that includes 21 individual companies and currently sits at #173 in the Zacks Industry Rank. Stocks in this group have lost about 53.6% so far this year, so NKLA is performing better this group in terms of year-to-date returns. Paccar is also part of the same industry.

Investors interested in the Auto-Tires-Trucks sector may want to keep a close eye on Nikola and Paccar as they attempt to continue 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

Nikola Corporation (NKLA) : Free Stock Analysis Report

PACCAR Inc. (PCAR) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research