Investors focused on the Auto-Tires-Trucks space have likely heard of Tesla (TSLA - 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.
Tesla is one of 77 companies in the Auto-Tires-Trucks group. The Auto-Tires-Trucks group currently sits at #14 within 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 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. TSLA is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for TSLA's full-year earnings has moved 27.79% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, TSLA has returned 7.16% so far this year. At the same time, Auto-Tires-Trucks stocks have lost an average of 2.03%. This means that Tesla is outperforming the sector as a whole this year.
Looking more specifically, TSLA belongs to the Automotive - Domestic industry, which includes 8 individual stocks and currently sits at #101 in the Zacks Industry Rank. This group has lost an average of 0.06% so far this year, so TSLA is performing better in this area.
TSLA will likely be looking to continue its solid performance, so investors interested Auto-Tires-Trucks stocks should continue to pay close attention to the company.