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Is Lyft (LYFT) Outperforming Other Computer and Technology Stocks This Year?

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Investors focused on the Computer and Technology space have likely heard of Lyft (LYFT - 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.

Lyft is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #5 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. LYFT is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for LYFT's full-year earnings has moved 19.68% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, LYFT has gained about 2.86% so far this year. At the same time, Computer and Technology stocks have gained an average of 1.71%. As we can see, Lyft is performing better than its sector in the calendar year.

Looking more specifically, LYFT belongs to the Internet - Services industry, which includes 50 individual stocks and currently sits at #170 in the Zacks Industry Rank. Stocks in this group have gained about 3.75% so far this year, so LYFT is slightly underperforming its industry this group in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track LYFT. The stock will be looking to continue its solid performance.


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