Nokia Stock- Has Nokia (NOK) Outpaced Other Computer and Technology Stocks This Year?
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Nokia (NOK) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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 620 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #12 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. 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 26.72% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
According to our latest data, NOK has moved about 20.46% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 5.38% on a year-to-date basis. This means that Nokia is performing better than its sector in terms of year-to-date returns.
Breaking things down more, NOK is a member of the Wireless Equipment industry, which includes 16 individual companies and currently sits at #107 in the Zacks Industry Rank. On average, stocks in this group have lost 5.90% this year, meaning that NOK is performing better in terms of year-to-date returns.
NOK will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.