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Are Business Services Stocks Lagging Amplitude (AMPL) This Year?
Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Amplitude, Inc. (AMPL - Free Report) 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? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.
Amplitude, Inc. is one of 344 companies in the Business Services group. The Business Services group currently sits at #6 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Amplitude, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AMPL's full-year earnings has moved 10.2% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AMPL has gained about 18.2% so far this year. Meanwhile, the Business Services sector has returned an average of 5.2% on a year-to-date basis. As we can see, Amplitude, Inc. is performing better than its sector in the calendar year.
Clear Channel Outdoor (CCO - Free Report) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 64.8%.
For Clear Channel Outdoor, the consensus EPS estimate for the current year has increased 9.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Amplitude, Inc. belongs to the Technology Services industry, a group that includes 199 individual stocks and currently sits at #145 in the Zacks Industry Rank. On average, stocks in this group have gained 11.8% this year, meaning that AMPL is performing better in terms of year-to-date returns.
Clear Channel Outdoor, however, belongs to the Advertising and Marketing industry. Currently, this 16-stock industry is ranked #21. The industry has moved +14.9% so far this year.
Going forward, investors interested in Business Services stocks should continue to pay close attention to Amplitude, Inc. and Clear Channel Outdoor as they could maintain their solid performance.