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? Let's take a closer look at the stock's year-to-date performance to find out.
SolarEdge Technologies is one of 331 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. SEDG is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for SEDG's full-year earnings has moved 12.25% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, SEDG has moved about 33.29% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have gained about 5.24% on average. This means that SolarEdge Technologies is outperforming the sector as a whole this year.
Looking more specifically, SEDG belongs to the Solar industry, which includes 15 individual stocks and currently sits at #72 in the Zacks Industry Rank. This group has lost an average of 3.03% so far this year, so SEDG is performing better in this area.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to SEDG as it looks to continue its solid performance.