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? One simple way to answer this question is to take a look at the year-to-date performance of NOK and the rest of the Computer and Technology group’s stocks.
Nokia is one of 605 companies in the Computer and Technology group. The Computer and Technology group currently sits at #4 within 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. NOK is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for NOK’s full-year earnings has moved 10.57% higher within the past quarter. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that NOK has returned about 35.85% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 22.23% on average. As we can see, Nokia is performing better than its sector in the calendar year.
Looking more specifically, NOK belongs to the Wireless Equipment industry, which includes 15 individual stocks and currently sits at #114 in the Zacks Industry Rank. Stocks in this group have gained about 18.75% so far this year, so NOK is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NOK as it looks to continue its solid performance.
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