Is NVIDIA (NVDA) Outperforming Other Computer and Technology Stocks This Year?
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Nvidia (NVDA) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.
Nvidia is a member of our Computer and Technology group, which includes 619 different companies and currently sits at #9 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Nvidia is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for NVDA's full-year earnings has moved 20.7% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, NVDA has returned 81.5% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 12.8% on average. This means that Nvidia is performing better than its sector in terms of year-to-date returns.
Another stock in the Computer and Technology sector, Onto Innovation (ONTO), has outperformed the sector so far this year. The stock's year-to-date return is 46.7%.
The consensus estimate for Onto Innovation's current year EPS has increased 2.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Nvidia belongs to the Semiconductor - General industry, which includes 8 individual stocks and currently sits at #189 in the Zacks Industry Rank. On average, stocks in this group have gained 56.7% this year, meaning that NVDA is performing better in terms of year-to-date returns.
On the other hand, Onto Innovation belongs to the Nanotechnology industry. This 2-stock industry is currently ranked #27. The industry has moved +43.8% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on Nvidia and Onto Innovation as they attempt to continue their solid performance.
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