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? Let’s take a closer look at the stock’s year-to-date performance to find out.
Nokia is one of 604 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. 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 11.02% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
Our latest available data shows that NOK has returned about 20.75% since the start of the calendar year. Meanwhile, the Computer and Technology sector has returned an average of 15.95% on a year-to-date basis. This means that Nokia is outperforming the sector as a whole this year.
To break things down more, NOK belongs to the Wireless Equipment industry, a group that includes 15 individual companies and currently sits at #112 in the Zacks Industry Rank. On average, this group has gained an average of 18.64% so far this year, meaning that NOK is performing better in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on NOK as it attempts to continue its solid performance.
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