Seeking strong performers in the Auto-Tires-Trucks sector? It’s crucial to identify companies that are surpassing their peers. Could Nikola (NKLA) be one of these leading stocks? Let’s delve into its year-to-date performance to uncover the truth.
Nikola is part of the Auto-Tires-Trucks group, consisting of 110 firms, currently ranked at #10 in the Zacks Sector Rank. This rank evaluates 16 groups, analyzing the average Zacks Rank of stocks within the sector to assess each group’s strength.
Based on the Zacks Rank system, which focuses on earnings estimates and revisions, Nikola holds a promising rank of #2 (Buy).
In the last three months, NKLA’s consensus estimate for full-year earnings surged by 30.2%, indicating a positive shift in analyst sentiment and a stronger earnings projection for the company.
Year-to-date, NKLA has climbed by 3.9%. In contrast, the Auto-Tires-Trucks sector has experienced an average decline of 3.7%. This indicates that Nikola has surpassed its peers in terms of year-to-date returns.
Another standout in the Auto-Tires-Trucks category is Oshkosh (OSK), which has also outperformed the sector this year, boasting a 14% return since the start of the year.
Over the past three months, Oshkosh’s consensus EPS estimate for the current year has increased by 0.2%, with the stock holding a Zacks Rank #2 (Buy).
Nikola operates in the Automotive – Domestic industry, comprising 20 companies and presently ranked at #57 in the Zacks Industry Rank. This group has faced an average decline of 19.4% this year, demonstrating NKLA’s superior performance.
On the other hand, Oshkosh falls under the Automotive – Original Equipment industry, consisting of 55 firms with a current rank of #140. This industry has grown by +6% year-to-date.
Investors eyeing the Auto-Tires-Trucks sector should closely monitor Nikola and Oshkosh as they strive to maintain their impressive performance in the market.
Read the full article on Zacks.com for more insights.