May 19, 2024

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Has Nokia (NOK) Outpaced Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Nokia (NOK), 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 Computer and Technology sector should help us answer this question.

Nokia is one of 646 companies in the Computer and Technology group. The Computer and Technology group currently sits at #9 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. NOK is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for NOK’s full-year earnings has moved 18.90% higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.

According to our latest data, NOK has moved about 47.31% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 23.81%. This means that Nokia is performing better than its sector in terms of year-to-date returns.

Looking more specifically, NOK belongs to the Wireless Equipment industry, a group that includes 16 individual stocks and currently sits at #96 in the Zacks Industry Rank. On average, this group has gained an average of 1.55% so far this year, meaning that NOK is performing better in terms of year-to-date returns.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NOK as it looks to continue its solid performance.

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