Investors focused on the Business Services space have likely heard of Rocket Companies (RKT), 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 Business Services sector should help us answer this question.
Rocket Companies is one of 215 individual stocks in the Business Services sector. Collectively, these companies sit at #15 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. RKT is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for RKT's full-year earnings has moved 237.04% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that RKT has returned about 32.84% since the start of the calendar year. At the same time, Business Services stocks have lost an average of 0.70%. This shows that Rocket Companies is outperforming its peers so far this year.
To break things down more, RKT belongs to the Technology Services industry, a group that includes 82 individual companies and currently sits at #207 in the Zacks Industry Rank. On average, stocks in this group have gained 6.95% this year, meaning that RKT is performing better in terms of year-to-date returns.
Investors in the Business Services sector will want to keep a close eye on RKT as it attempts to continue its solid performance.
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