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? By taking a look at the stock's year-to-date performance in comparison to its Auto-Tires-Trucks peers, we might be able to answer that question.
Tesla is a member of the Auto-Tires-Trucks sector. This group includes 86 individual stocks and currently holds a Zacks Sector Rank of #15. 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 #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for TSLA's full-year earnings has moved 52.72% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, TSLA has moved about 15.53% on a year-to-date basis. Meanwhile, the Auto-Tires-Trucks sector has returned an average of -16.85% on a year-to-date basis. This means that Tesla is outperforming the sector as a whole this year.
Looking more specifically, TSLA belongs to the Automotive - Domestic industry, a group that includes 8 individual stocks and currently sits at #19 in the Zacks Industry Rank. This group has lost an average of 5.18% so far this year, so TSLA is performing better in this area.
Going forward, investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to TSLA as it looks to continue its solid performance.