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Is Lyft (LYFT) Stock Outpacing Its Computer and Technology Peers This Year?
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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. Lyft (LYFT - 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? Let's take a closer look at the stock's year-to-date performance to find out.
Lyft is one of 604 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Lyft is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for LYFT's full-year earnings has moved 19.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, LYFT has returned 67.3% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 23% on average. This means that Lyft is outperforming the sector as a whole this year.
One other Computer and Technology stock that has outperformed the sector so far this year is Digi International (DGII - Free Report) . The stock is up 24.9% year-to-date.
In Digi International's case, the consensus EPS estimate for the current year increased 4.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Lyft belongs to the Internet - Services industry, a group that includes 35 individual companies and currently sits at #76 in the Zacks Industry Rank. Stocks in this group have gained about 47.5% so far this year, so LYFT is performing better this group in terms of year-to-date returns.
In contrast, Digi International falls under the Computer - Networking industry. Currently, this industry has 8 stocks and is ranked #18. Since the beginning of the year, the industry has moved +30.7%.
Investors interested in the Computer and Technology sector may want to keep a close eye on Lyft and Digi International as they attempt to continue their solid performance.
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Is Lyft (LYFT) 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. Lyft (LYFT - 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? Let's take a closer look at the stock's year-to-date performance to find out.
Lyft is one of 604 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Lyft is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for LYFT's full-year earnings has moved 19.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, LYFT has returned 67.3% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 23% on average. This means that Lyft is outperforming the sector as a whole this year.
One other Computer and Technology stock that has outperformed the sector so far this year is Digi International (DGII - Free Report) . The stock is up 24.9% year-to-date.
In Digi International's case, the consensus EPS estimate for the current year increased 4.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Lyft belongs to the Internet - Services industry, a group that includes 35 individual companies and currently sits at #76 in the Zacks Industry Rank. Stocks in this group have gained about 47.5% so far this year, so LYFT is performing better this group in terms of year-to-date returns.
In contrast, Digi International falls under the Computer - Networking industry. Currently, this industry has 8 stocks and is ranked #18. Since the beginning of the year, the industry has moved +30.7%.
Investors interested in the Computer and Technology sector may want to keep a close eye on Lyft and Digi International as they attempt to continue their solid performance.