Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has Butterfly Network, Inc. (BFLY) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
Butterfly Network, Inc. is a member of the Medical sector. This group includes 888 individual stocks and currently holds a Zacks Sector Rank of #6. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. Butterfly Network, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for BFLY's full-year earnings has moved 21.7% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that BFLY has returned about 11.6% since the start of the calendar year. Meanwhile, stocks in the Medical group have lost about 7.6% on average. This means that Butterfly Network, Inc. is performing better than its sector in terms of year-to-date returns.
Another Medical stock, which has outperformed the sector so far this year, is American Well Corporation (AMWL). The stock has returned 57.8% year-to-date.
For American Well Corporation, the consensus EPS estimate for the current year has increased 41% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Butterfly Network, Inc. belongs to the Medical Info Systems industry, which includes 41 individual stocks and currently sits at #149 in the Zacks Industry Rank. On average, this group has lost an average of 20.3% so far this year, meaning that BFLY is performing better in terms of year-to-date returns. American Well Corporation is also part of the same industry.
Investors with an interest in Medical stocks should continue to track Butterfly Network, Inc. and American Well Corporation. These stocks will be looking to continue their solid performance.
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Butterfly Network, Inc. (BFLY): Free Stock Analysis Report
American Well Corporation (AMWL): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).