Investors focused on the Auto-Tires-Trucks space have likely heard of Tesla (TSLA), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Tesla is a member of the Auto-Tires-Trucks sector. This group includes 86 individual stocks and currently holds a Zacks Sector Rank of #15. 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. TSLA is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for TSLA's full-year earnings has moved 52.72% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, TSLA has moved about 13.80% on a year-to-date basis. Meanwhile, the Auto-Tires-Trucks sector has returned an average of -17.07% on a year-to-date basis. This means that Tesla is outperforming the sector as a whole this year.
Looking more specifically, TSLA belongs to the Automotive - Domestic industry, which includes 8 individual stocks and currently sits at #10 in the Zacks Industry Rank. Stocks in this group have lost about 6% so far this year, so TSLA is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to TSLA 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.