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Is NVIDIA (NVDA) Stock Outpacing Its Computer and Technology Peers This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Nvidia (NVDA - Free Report) one of those stocks right now? 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.
Nvidia is a member of the Computer and Technology sector. This group includes 646 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. Nvidia is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for NVDA's full-year earnings has moved 4.1% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, NVDA has returned 84.6% so far this year. In comparison, Computer and Technology companies have returned an average of 18.1%. This shows that Nvidia is outperforming its peers so far this year.
One other Computer and Technology stock that has outperformed the sector so far this year is AudioEye (AEYE - Free Report) . The stock is up 83% year-to-date.
In AudioEye's case, the consensus EPS estimate for the current year increased 14.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Nvidia belongs to the Semiconductor - General industry, which includes 8 individual stocks and currently sits at #72 in the Zacks Industry Rank. This group has gained an average of 54.5% so far this year, so NVDA is performing better in this area.
In contrast, AudioEye falls under the Internet - Software industry. Currently, this industry has 146 stocks and is ranked #58. Since the beginning of the year, the industry has moved +25.4%.
Investors interested in the Computer and Technology sector may want to keep a close eye on Nvidia and AudioEye as they attempt to continue their solid performance.