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Has Nokia (NOK) Outpaced Other Computer and Technology Stocks This Year?

Zacks Equity Research
Updated
Ranger Energy Services, Inc. (RNGR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

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. Has Nokia (NOK) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Nokia is a member of our Computer and Technology group, which includes 635 different companies and currently sits at #5 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 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 14.81% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

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Based on the most recent data, NOK has returned 28.97% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 1.90% on average. As we can see, Nokia is performing better than its sector in the calendar year.

To break things down more, NOK belongs to the Wireless Equipment industry, a group that includes 18 individual companies and currently sits at #60 in the Zacks Industry Rank. On average, this group has lost an average of 2.19% so far this year, meaning that NOK is performing better in terms of year-to-date returns.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to NOK as it looks to continue its solid performance.


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