Is Lyft (LYFT) Outperforming Other Computer and Technology Stocks This Year?

Image result for Is Lyft (LYFT) Outperforming Other Computer and Technology Stocks This Year?Investors focused on the Computer and Technology space have likely heard of Lyft (LYFT), 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.

Lyft is one of 630 companies in the Computer and Technology group. The Computer and Technology group currently sits at #2 within 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. LYFT is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for LYFT’s full-year earnings has moved 8.66% higher within the past quarter. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.

Based on the latest available data, LYFT has gained about 8.88% so far this year. Meanwhile, the Computer and Technology sector has returned an average of 5.35% on a year-to-date basis. As we can see, Lyft is performing better than its sector in the calendar year.

Looking more specifically, LYFT belongs to the Internet – Services industry, which includes 50 individual stocks and currently sits at #165 in the Zacks Industry Rank. On average, this group has gained an average of 9.04% so far this year, meaning that LYFT is slightly underperforming its industry in terms of year-to-date returns.

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

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