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Are Business Services Stocks Lagging NanoX Imaging (NNOX) This Year?

Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is Nano-X Imaging Ltd. (NNOX) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.

Nano-X Imaging Ltd. is a member of our Business Services group, which includes 316 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

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. Nano-X Imaging Ltd. is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for NNOX's full-year earnings has moved 18.5% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

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According to our latest data, NNOX has moved about 13.5% on a year-to-date basis. Meanwhile, the Business Services sector has returned an average of 6.7% on a year-to-date basis. This means that Nano-X Imaging Ltd. is outperforming the sector as a whole this year.

One other Business Services stock that has outperformed the sector so far this year is Seagate (STX). The stock is up 24.2% year-to-date.

For Seagate, the consensus EPS estimate for the current year has increased 2100% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Nano-X Imaging Ltd. belongs to the Technology Services industry, which includes 173 individual stocks and currently sits at #66 in the Zacks Industry Rank. Stocks in this group have gained about 20.7% so far this year, so NNOX is slightly underperforming its industry this group in terms of year-to-date returns. Seagate is also part of the same industry.

Investors interested in the Business Services sector may want to keep a close eye on Nano-X Imaging Ltd. and Seagate as they attempt to continue their solid performance.

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Nano-X Imaging Ltd. (NNOX) : Free Stock Analysis Report

Seagate Technology Holdings PLC (STX) : Free Stock Analysis Report

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Zacks Investment Research