Investors focused on the Industrial Products space have likely heard of Axon Enterprise (AAXN), 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 Industrial Products peers, we might be able to answer that question.
Axon Enterprise is one of 213 companies in the Industrial Products group. The Industrial Products group currently sits at #1 within 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. AAXN is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for AAXN's full-year earnings has moved 48.17% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, AAXN has gained about 140.53% so far this year. In comparison, Industrial Products companies have returned an average of -6.86%. This means that Axon Enterprise is performing better than its sector in terms of year-to-date returns.
Looking more specifically, AAXN belongs to the Security and Safety Services industry, a group that includes 18 individual stocks and currently sits at #165 in the Zacks Industry Rank. On average, this group has lost an average of 27.50% so far this year, meaning that AAXN is performing better in terms of year-to-date returns.
Going forward, investors interested in Industrial Products stocks should continue to pay close attention to AAXN as it looks to continue its solid performance.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.