Investors focused on the Oils-Energy space have likely heard of SolarEdge Technologies (SEDG - Free Report) , 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 Oils-Energy peers, we might be able to answer that question.
SolarEdge Technologies is a member of our Oils-Energy group, which includes 333 different companies and currently sits at #3 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. SEDG is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for SEDG's full-year earnings has moved 13.62% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, SEDG has moved about 76.70% on a year-to-date basis. Meanwhile, the Oils-Energy sector has returned an average of 10.88% on a year-to-date basis. As we can see, SolarEdge Technologies is performing better than its sector in the calendar year.
To break things down more, SEDG belongs to the Solar industry, a group that includes 15 individual companies and currently sits at #29 in the Zacks Industry Rank. On average, this group has gained an average of 13.15% so far this year, meaning that SEDG is performing better in terms of year-to-date returns.
Investors with an interest in Oils-Energy stocks should continue to track SEDG. The stock will be looking to continue its solid performance.