Has Magnite (MGNI) Outpaced Other Computer and Technology Stocks This Year?

Investors focused on the Computer and Technology space have likely heard of Magnite (MGNI), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Magnite is one of 631 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #8 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. MGNI is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for MGNI's full-year earnings has moved 175% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Our latest available data shows that MGNI has returned about 90.98% since the start of the calendar year. At the same time, Computer and Technology stocks have gained an average of 9.96%. This means that Magnite is performing better than its sector in terms of year-to-date returns.

Breaking things down more, MGNI is a member of the Internet - Software industry, which includes 104 individual companies and currently sits at #188 in the Zacks Industry Rank. This group has gained an average of 13.83% so far this year, so MGNI is performing better in this area.

Investors in the Computer and Technology sector will want to keep a close eye on MGNI as it attempts to continue its solid performance.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research