The Auto-Tires-Trucks group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. ChargePoint Holdings, Inc. (CHPT) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Auto-Tires-Trucks sector should help us answer this question.
ChargePoint Holdings, Inc. is a member of our Auto-Tires-Trucks group, which includes 105 different companies and currently sits at #13 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 model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. ChargePoint Holdings, Inc. is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CHPT's full-year earnings has moved 31.6% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, CHPT has returned 19.3% so far this year. At the same time, Auto-Tires-Trucks stocks have lost an average of 12%. This means that ChargePoint Holdings, Inc. is outperforming the sector as a whole this year.
One other Auto-Tires-Trucks stock that has outperformed the sector so far this year is General Motors (GM). The stock is up 1.7% year-to-date.
The consensus estimate for General Motors' current year EPS has increased 5.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, ChargePoint Holdings, Inc. belongs to the Automotive - Original Equipment industry, a group that includes 53 individual stocks and currently sits at #191 in the Zacks Industry Rank. On average, this group has lost an average of 4.8% so far this year, meaning that CHPT is performing better in terms of year-to-date returns.
General Motors, however, belongs to the Automotive - Domestic industry. Currently, this 17-stock industry is ranked #82. The industry has moved -11.4% so far this year.
Investors with an interest in Auto-Tires-Trucks stocks should continue to track ChargePoint Holdings, Inc. and General Motors. These stocks will be looking to continue their solid performance.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ChargePoint Holdings, Inc. (CHPT): Free Stock Analysis Report
General Motors Company (GM): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).