Investors focused on the Computer and Technology space have likely heard of Nokia (NOK), 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.
Nokia is a member of our Computer and Technology group, which includes 619 different companies and currently sits at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. NOK is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NOK’s full-year earnings has moved 26.72% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
According to our latest data, NOK has moved about 35.29% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 15.81%. This means that Nokia is performing better than its sector in terms of year-to-date returns.
Breaking things down more, NOK is a member of the Wireless Equipment industry, which includes 16 individual companies and currently sits at #175 in the Zacks Industry Rank. On average, stocks in this group have gained 2.19% this year, meaning that NOK is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track NOK. The stock will be looking to continue its solid performance.
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