The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Magnite (MGNI) one of those stocks right now? 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.
Magnite is one of 605 companies in the Computer and Technology group. The Computer and Technology group currently sits at #5 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 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. Magnite is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for MGNI's full-year earnings has moved 7.1% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, MGNI has returned 38.8% so far this year. At the same time, Computer and Technology stocks have gained an average of 13%. As we can see, Magnite is performing better than its sector in the calendar year.
One other Computer and Technology stock that has outperformed the sector so far this year is Allient (ALNT). The stock is up 77.6% year-to-date.
Over the past three months, Allient's consensus EPS estimate for the current year has increased 1%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Magnite is a member of the Internet - Software industry, which includes 173 individual companies and currently sits at #94 in the Zacks Industry Rank. Stocks in this group have gained about 20.5% so far this year, so MGNI is performing better this group in terms of year-to-date returns.
In contrast, Allient falls under the Electronics - Miscellaneous Components industry. Currently, this industry has 24 stocks and is ranked #96. Since the beginning of the year, the industry has moved +26.8%.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Magnite and Allient as they could maintain their solid performance.
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Magnite, Inc. (MGNI): Free Stock Analysis Report Allient Inc. (ALNT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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