November 1, 2024

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Are Computer and Technology Stocks Lagging MakeMyTrip Limited (MMYT) This Year?

Are Computer and Technology Stocks Lagging MakeMyTrip Limited (MMYT) This Year?

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is MakeMyTrip (MMYT) one of those stocks right now? 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.

MakeMyTrip is a member of our Computer and Technology group, which includes 621 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MakeMyTrip is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for MMYT’s full-year earnings has moved 32.8% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

Our latest available data shows that MMYT has returned about 109.6% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 25.2% on average. This shows that MakeMyTrip is outperforming its peers so far this year.

Another stock in the Computer and Technology sector, Bridgeline Digital, Inc. (BLIN), has outperformed the sector so far this year. The stock’s year-to-date return is 32.2%.

Over the past three months, Bridgeline Digital, Inc.’s consensus EPS estimate for the current year has increased 6.3%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, MakeMyTrip belongs to the Internet – Delivery Services industry, a group that includes 5 individual stocks and currently sits at #14 in the Zacks Industry Rank. Stocks in this group have gained about 41.1% so far this year, so MMYT is performing better this group in terms of year-to-date returns.

Bridgeline Digital, Inc. however, belongs to the Internet – Services industry. Currently, this 35-stock industry is ranked #101. The industry has moved +16.8% so far this year.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MakeMyTrip and Bridgeline Digital, Inc. as they could maintain their solid performance.

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