Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is Butterfly Network, Inc. (BFLY) one of those stocks right now? 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 our Medical group, which includes 884 different companies and currently sits at #7 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader 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 5.3% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that BFLY has returned about 111.1% since the start of the calendar year. In comparison, Medical companies have returned an average of -1.2%. This shows that Butterfly Network, Inc. is outperforming its peers so far this year.
One other Medical stock that has outperformed the sector so far this year is American Well Corporation (AMWL). The stock is up 71.1% year-to-date.
In American Well Corporation's case, the consensus EPS estimate for the current year increased 6.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Butterfly Network, Inc. belongs to the Medical Info Systems industry, a group that includes 41 individual companies and currently sits at #150 in the Zacks Industry Rank. On average, this group has lost an average of 15.2% 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.
Butterfly Network, Inc. and American Well Corporation could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.
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This article originally published on Zacks Investment Research (zacks.com).