Investors focused on the Auto-Tires-Trucks space have likely heard of ElectraMeccanica Vehicles (SOLO), 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.
ElectraMeccanica Vehicles is one of 90 individual stocks in the Auto-Tires-Trucks sector. Collectively, these companies sit at #12 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. SOLO is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for SOLO's full-year earnings has moved 25% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, SOLO has gained about 70.23% so far this year. At the same time, Auto-Tires-Trucks stocks have gained an average of 20.82%. This means that ElectraMeccanica Vehicles is outperforming the sector as a whole this year.
Looking more specifically, SOLO belongs to the Automotive - Foreign industry, which includes 20 individual stocks and currently sits at #212 in the Zacks Industry Rank. This group has lost an average of 9.45% so far this year, so SOLO is performing better in this area.
Investors in the Auto-Tires-Trucks sector will want to keep a close eye on SOLO as it attempts to continue its solid performance.
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