Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is AppLovin (APP) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
AppLovin is a member of our Business Services group, which includes 259 different companies and currently sits 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 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. AppLovin is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for APP's full-year earnings has moved 9.7% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, APP has returned 91.7% so far this year. In comparison, Business Services companies have returned an average of -5.7%. This shows that AppLovin is outperforming its peers so far this year.
Another Business Services stock, which has outperformed the sector so far this year, is Peraso (PRSO). The stock has returned 16.4% year-to-date.
Over the past three months, Peraso's consensus EPS estimate for the current year has increased 46.2%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, AppLovin is a member of the Technology Services industry, which includes 124 individual companies and currently sits at #87 in the Zacks Industry Rank. Stocks in this group have gained about 37% so far this year, so APP is performing better this group in terms of year-to-date returns. Peraso is also part of the same industry.
Going forward, investors interested in Business Services stocks should continue to pay close attention to AppLovin and Peraso as they could maintain their solid performance.
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AppLovin Corporation (APP): Free Stock Analysis Report Peraso Inc. (PRSO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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