Technology stocks

Has MakeMyTrip Limited (MMYT) outperformed other IT and technology stocks this year?

Jhe computer and technology group has many attractive stocks, but investors should always look for companies that are outperforming their peers. Is MakeMyTrip (MMYT) one of those actions right now? Let’s take a closer look at the stock’s year-to-date performance to find out.

MakeMyTrip is a member of the IT and Technology sector. This group comprises 666 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Ranking considers 16 different sector groups. The average Zacks ranking of individual stocks within groups is measured and sectors are listed from best to worst.

The Zacks ranking emphasizes earnings estimates and estimate revisions to find stocks with improved earnings prospects. This system has a long history of success, and these stocks tend to beat the market over the next one to three months. MakeMyTrip currently sports a Zacks rank of #2 (Buy).

Over the past 90 days, the Zacks consensus estimate for MMYT’s annual revenue has increased by 25%. This is a sign of improving analyst sentiment and a positive trend in the earnings outlook.

According to our latest data, MMYT has moved around 1.2% since the start of the year. Meanwhile, shares of the IT & Technology group lost around 42.1% on average. This shows that MakeMyTrip is outperforming its peers so far this year.

Another IT and technology stock that has outperformed the sector so far this year is Photronics (PLAB). The stock is up 3.4% since the start of the year.

In the case of Photronics, the current year EPS consensus estimate rose 27.2% over the last three months. The stock currently has a Zacks #1 rank (Strong Buy).

Specifically, MakeMyTrip belongs to the Internet – Delivery Services industry, which comprises 5 individual stocks and is currently ranked 6th in the Zacks Industry Rankings. This group has lost an average of 7% so far this year, so MMYT is performing better in this area.

Phototronics, however, belongs to the industry of semiconductor equipment – photomasks. Currently, this 2-title industry is ranked #29. The industry is up +3.4% so far this year.

MakeMyTrip and Photronics may continue their strong performance, so investors interested in IT and technology stocks should continue to pay close attention to these stocks.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.