Investors focused on the Medical space have likely heard of Penumbra (PEN - 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.
Penumbra is one of 845 companies in the Medical group. The Medical group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. PEN is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for PEN's full-year earnings has moved 39.71% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that PEN has returned about 65.33% since the start of the calendar year. At the same time, Medical stocks have gained an average of 5.44%. As we can see, Penumbra is performing better than its sector in the calendar year.
Looking more specifically, PEN belongs to the Medical - Instruments industry, which includes 94 individual stocks and currently sits at #87 in the Zacks Industry Rank. Stocks in this group have gained about 22.56% so far this year, so PEN is performing better this group in terms of year-to-date returns.
Investors in the Medical sector will want to keep a close eye on PEN as it attempts to continue its solid performance.