Is Beyond Meat (BYND) Stock Outpacing Its Consumer Staples Peers This Year?
The Consumer Staples group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Beyond Meat (BYND) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Beyond Meat is a member of the Consumer Staples sector. This group includes 173 individual stocks and currently holds a Zacks Sector Rank of #6. 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. BYND is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for BYND's full-year earnings has moved 91.67% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, BYND has moved about 77.67% on a year-to-date basis. At the same time, Consumer Staples stocks have lost an average of 7.12%. As we can see, Beyond Meat is performing better than its sector in the calendar year.
Breaking things down more, BYND is a member of the Food - Meat Products industry, which includes 6 individual companies and currently sits at #74 in the Zacks Industry Rank. On average, stocks in this group have lost 12.39% this year, meaning that BYND is performing better in terms of year-to-date returns.
Investors in the Consumer Staples sector will want to keep a close eye on BYND as it attempts to continue its solid performance.
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