Has NVIDIA (NVDA) Outpaced Other Computer and Technology Stocks This Year?
Investors focused on the Computer and Technology space have likely heard of NVIDIA (NVDA), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of NVDA and the rest of the Computer and Technology group’s stocks.
NVIDIA is one of 646 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 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 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. NVDA is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for NVDA’s full-year earnings has moved 5.63% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Our latest available data shows that NVDA has returned about 91.05% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 25.16% on average. As we can see, NVIDIA is performing better than its sector in the calendar year.
Looking more specifically, NVDA belongs to the Semiconductor – General industry, which includes 8 individual stocks and currently sits at #42 in the Zacks Industry Rank. On average, this group has gained an average of 46.40% so far this year, meaning that NVDA is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track NVDA. The stock will be looking to continue its solid performance.
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