Investors focused on the Auto-Tires-Trucks space have likely heard of Tesla (TSLA), 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 Auto-Tires-Trucks sector should help us answer this question.
Tesla is a member of our Auto-Tires-Trucks group, which includes 89 different companies and currently sits at #6 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 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. TSLA is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for TSLA's full-year earnings has moved 36.13% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, TSLA has gained about 29.49% so far this year. At the same time, Auto-Tires-Trucks stocks have gained an average of 20.95%. This shows that Tesla is outperforming its peers so far this year.
Breaking things down more, TSLA is a member of the Automotive - Domestic industry, which includes 10 individual companies and currently sits at #61 in the Zacks Industry Rank. This group has gained an average of 28.32% so far this year, so TSLA is performing better in this area.
Investors in the Auto-Tires-Trucks sector will want to keep a close eye on TSLA as it attempts to continue its solid performance.