May 19, 2024

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Is NVIDIA (NVDA) Stock Outpacing Its Computer and Technology Peers 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? By taking a look at the stock’s year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

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NVIDIA is a member of our Computer and Technology group, which includes 647 different companies and currently sits at #9 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 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 90 days, the Zacks Consensus Estimate for NVDA’s full-year earnings has moved 5.68% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.

According to our latest data, NVDA has moved about 58.34% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 18.41% on average. This means that NVIDIA is performing better than its sector in terms of year-to-date returns.

Looking more specifically, NVDA belongs to the Semiconductor – General industry, which includes 8 individual stocks and currently sits at #41 in the Zacks Industry Rank. On average, this group has gained an average of 32.86% so far this year, meaning that NVDA is performing better in terms of year-to-date returns.

NVDA will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.

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