Is ChargePoint (CHPT) Outperforming Other Auto-Tires-Trucks Stocks This Year?

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? Let's take a closer look at the stock's year-to-date performance to find out.

ChargePoint Holdings, Inc. is a member of the Auto-Tires-Trucks sector. This group includes 104 individual stocks and currently holds a Zacks Sector Rank of #13. 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. ChargePoint Holdings, Inc. is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for CHPT's full-year earnings has moved 23.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that CHPT has returned about 41.1% since the start of the calendar year. At the same time, Auto-Tires-Trucks stocks have lost an average of 11.9%. This shows that ChargePoint Holdings, Inc. is outperforming its peers so far this year.

One other Auto-Tires-Trucks stock that has outperformed the sector so far this year is Honda Motor (HMC). The stock is up 5.4% year-to-date.

For Honda Motor, the consensus EPS estimate for the current year has increased 127.2% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, ChargePoint Holdings, Inc. belongs to the Automotive - Original Equipment industry, a group that includes 52 individual companies and currently sits at #177 in the Zacks Industry Rank. Stocks in this group have gained about 3.2% so far this year, so CHPT is performing better this group in terms of year-to-date returns.

Honda Motor, however, belongs to the Automotive - Foreign industry. Currently, this 24-stock industry is ranked #188. The industry has moved -15.8% so far this year.

Going forward, investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to ChargePoint Holdings, Inc. and Honda Motor as they could maintain their solid performance.

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This article originally published on Zacks Investment Research (zacks.com).

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