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 618 companies in the Computer and Technology group. The Computer and Technology group currently sits at #13 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 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 230% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, MGNI has returned 18.85% so far this year. In comparison, Computer and Technology companies have returned an average of 17.92%. This means that Magnite is outperforming the sector as a whole this year.
To break things down more, MGNI belongs to the Internet – Software industry, a group that includes 113 individual companies and currently sits at #200 in the Zacks Industry Rank. Stocks in this group have gained about 0.03% so far this year, so MGNI is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MGNI as it looks to continue its solid performance.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.