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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 NVIDIA (NVDA) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
NVIDIA is one of 620 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #10 in 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 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. NVDA is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NVDA's full-year earnings has moved 21.18% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that NVDA has returned about 9.10% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 9.03%. This shows that NVIDIA is outperforming its peers so far this year.
To break things down more, NVDA belongs to the Semiconductor - General industry, a group that includes 8 individual companies and currently sits at #203 in the Zacks Industry Rank. This group has gained an average of 10.75% so far this year, so NVDA is slightly underperforming its industry in this area.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NVDA as it looks to continue its solid performance.
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