Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Nova Ltd. (NVMI) been one of those stocks this year? 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.
Nova Ltd. is a member of our Computer and Technology group, which includes 607 different companies and currently sits at #6 in 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 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. Nova Ltd. is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for NVMI's full-year earnings has moved 3.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, NVMI has returned 40.4% so far this year. In comparison, Computer and Technology companies have returned an average of 7%. This means that Nova Ltd. is outperforming the sector as a whole this year.
IonQ, Inc. (IONQ) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 7.1%.
Over the past three months, IonQ, Inc.'s consensus EPS estimate for the current year has increased 58.4%. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Nova Ltd. is a member of the Electronics - Semiconductors industry, which includes 44 individual companies and currently sits at #146 in the Zacks Industry Rank. Stocks in this group have gained about 13.3% so far this year, so NVMI is performing better this group in terms of year-to-date returns.
On the other hand, IonQ, Inc. belongs to the Computer - Integrated Systems industry. This 11-stock industry is currently ranked #19. The industry has moved +26.5% year to date.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Nova Ltd. and IonQ, Inc. as they could maintain their solid performance.
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Nova Ltd. (NVMI): Free Stock Analysis Report IonQ, Inc. (IONQ): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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