Is NIO (NIO) Stock Outpacing Its Auto-Tires-Trucks Peers This Year?
Investors focused on the Auto-Tires-Trucks space have likely heard of NIO (NIO), 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 Auto-Tires-Trucks sector should help us answer this question.
NIO is one of 99 companies in the Auto-Tires-Trucks group. The Auto-Tires-Trucks group currently sits at #1 within 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 system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. NIO is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for NIO's full-year earnings has moved 29.51% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that NIO has returned about 27.10% since the start of the calendar year. At the same time, Auto-Tires-Trucks stocks have gained an average of 14.94%. As we can see, NIO is performing better than its sector in the calendar year.
To break things down more, NIO belongs to the Automotive - Foreign industry, a group that includes 24 individual companies and currently sits at #38 in the Zacks Industry Rank. On average, stocks in this group have gained 3.07% this year, meaning that NIO is performing better in terms of year-to-date returns.
Investors with an interest in Auto-Tires-Trucks stocks should continue to track NIO. The stock will be looking to continue its solid performance.
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