Is Lyft (LYFT) Stock Outpacing Its Computer and Technology Peers This Year?

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Lyft (LYFT) 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? Let's take a closer look at the stock's year-to-date performance to find out.Lyft is one of 604 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 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 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. Lyft is currently sporting a Zacks Rank of #2 (Buy).The Zacks Consensus Estimate for LYFT's full-year earnings has moved 19.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.Based on the most recent data, LYFT has returned 67.3% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 23% on average. This means that Lyft is outperforming the sector as a whole this year.One other Computer and Technology stock that has outperformed the sector so far this year is Digi International (DGII). The stock is up 24.9% year-to-date.In Digi International's case, the consensus EPS estimate for the current year increased 4.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).To break things down more, Lyft belongs to the Internet - Services industry, a group that includes 35 individual companies and currently sits at #76 in the Zacks Industry Rank. Stocks in this group have gained about 47.5% so far this year, so LYFT is performing better this group in terms of year-to-date returns. In contrast, Digi International falls under the Computer - Networking industry. Currently, this industry has 8 stocks and is ranked #18. Since the beginning of the year, the industry has moved +30.7%.Investors interested in the Computer and Technology sector may want to keep a close eye on Lyft and Digi International as they attempt to continue their solid performance.Zacks Names #1 Semiconductor StockThis under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.See This Stock Now for Free >>Want 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 Lyft, Inc. (LYFT): Free Stock Analysis Report Digi International Inc. (DGII): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks