Computer

Is Nokia (NOK) Outperforming Other Computer and Technology Stocks This Year?

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies 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 a member of our Computer and Technology group, which includes 620 different companies and currently sits at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

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).

The Zacks Consensus Estimate for NOK’s full-year earnings has moved 26.72{1936381d4253f19a98bc2ecae94a0b0438ab0e234f1c555690d854373a3c9a42} higher within the past quarter. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.

Based on the latest available data, NOK has gained about 31.97{1936381d4253f19a98bc2ecae94a0b0438ab0e234f1c555690d854373a3c9a42} so far this year. At the same time, Computer and Technology stocks have gained an average of 12.43{1936381d4253f19a98bc2ecae94a0b0438ab0e234f1c555690d854373a3c9a42}. This means that Nokia is performing better than its sector in terms of year-to-date returns.

Looking more specifically, NOK belongs to the Wireless Equipment industry, which includes 16 individual stocks and currently sits at #127 in the Zacks Industry Rank. On average, this group has gained an average of 1.04{1936381d4253f19a98bc2ecae94a0b0438ab0e234f1c555690d854373a3c9a42} so far this year, meaning that NOK is performing better in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track NOK. The stock will be looking to continue its solid performance.

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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.