Has Ericsson (ERIC) Outpaced Other Computer and Technology Stocks This Year?
Investors focused on the Computer and Technology space have likely heard of Ericsson (ERIC), 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 Computer and Technology peers, we might be able to answer that question.
Ericsson is a member of our Computer and Technology group, which includes 602 different companies and currently sits at #8 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. ERIC is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ERIC's full-year earnings has moved 8.70% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, ERIC has moved about 26.99% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 19.81%. This shows that Ericsson is outperforming its peers so far this year.
Looking more specifically, ERIC belongs to the Wireless Equipment industry, a group that includes 15 individual stocks and currently sits at #128 in the Zacks Industry Rank. Stocks in this group have gained about 14.55% so far this year, so ERIC is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track ERIC. The stock will be looking to continue its solid performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.