Is Sonos (SONO) Outperforming Other Consumer Discretionary Stocks This Year?
For those looking to find strong Consumer Discretionary stocks, it is prudent to search for companies in the group that are outperforming their peers. Sonos (SONO) 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? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Discretionary sector should help us answer this question.
Sonos is one of 239 companies in the Consumer Discretionary group. The Consumer Discretionary group currently sits at #8 within 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. SONO is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SONO's full-year earnings has moved 230.83% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, SONO has moved about 46.86% on a year-to-date basis. At the same time, Consumer Discretionary stocks have gained an average of 11.83%. This shows that Sonos is outperforming its peers so far this year.
To break things down more, SONO belongs to the Audio Video Production industry, a group that includes 9 individual companies and currently sits at #126 in the Zacks Industry Rank. This group has gained an average of 33.57% so far this year, so SONO is performing better in this area.
SONO will likely be looking to continue its solid performance, so investors interested in Consumer Discretionary stocks should continue to pay close attention to the company.
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