When it comes to investing in Auto-Tires-Trucks stocks, finding companies that are leading the pack is crucial. Is Nikola blazing a trail ahead of its peers? Let’s scrutinize the stock’s performance this year to uncover the truth.
Nikola is a key player in the Auto-Tires-Trucks sector, surrounded by 110 companies and currently holding the 10th spot in the Zacks Sector Rank. This ranking system, comprising 16 different groups, evaluates the average Zacks Rank of individual stocks to determine each group’s strength.
Based on the proven Zacks Rank methodology, which focuses on earnings estimates and revisions, Nikola is currently flying the #2 (Buy) flag. This indicates favorable characteristics that could potentially outshine the market over the coming months.
Over the past quarter, analysts have pushed NKLA’s full-year earnings estimate up by a solid 30.2%, signaling a positive shift in sentiment and a brighter earnings outlook for the company.
Year-to-date, NKLA has surged by around 3.9%, outperforming the Auto-Tires-Trucks sector, which has dipped by an average of 3.7%. This means that Nikola is putting the pedal to the metal in terms of year-to-date returns.
On the other hand, Oshkosh, a fellow Auto-Tires-Trucks stock, has also been revving up this year, boasting a 14% return since the start of the year.
With Oshkosh, the consensus EPS estimate for the current year has edged up by 0.2% over the last three months, aligning with a Zacks Rank #2 (Buy).
Delving deeper, Nikola operates within the Automotive – Domestic industry, home to 20 companies and presently holding the 57th spot in the Zacks Industry Rank. Despite the industry’s 19.4% slump this year, NKLA is shining brighter.
Conversely, the Automotive – Original Equipment industry houses Oshkosh. At #140 in the industry ranking, this group of 55 companies has moved +6% year-to-date.
Investors keen on the Auto-Tires-Trucks sector should keep a close watch on Nikola and Oshkosh as they continue to navigate the road to success.
