Investors focused on the Computer and Technology space have likely heard of NVIDIA (NVDA - 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 Computer and Technology peers, we might be able to answer that question.
NVIDIA is a member of the Computer and Technology sector. This group includes 631 individual stocks and currently holds a Zacks Sector Rank of #9. 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 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. NVDA is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for NVDA's full-year earnings has moved 16.17% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, NVDA has gained about 30.33% so far this year. In comparison, Computer and Technology companies have returned an average of 5.70%. 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, a group that includes 8 individual stocks and currently sits at #4 in the Zacks Industry Rank. On average, stocks in this group have gained 20.03% this year, meaning that NVDA is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NVDA as it looks to continue its solid performance.