Those looking for strong business services stocks would be wise to look for companies within their group that are outperforming their peers. Is Bakkt Holdings, Inc. (BKKT) one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Bakkt Holdings, Inc. is a member of the Business Services sector. This group includes 329 individual stocks and currently holds a Zacks Sector Rank of #9. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. This system emphasizes revisions to earnings forecasts and gives preferential treatment to companies whose earnings outlook has improved. Bakkt Holdings, Inc. currently has a Zacks Rank of #2 (Buy).
BKKT's full-year earnings estimate has moved 8.1% higher over the past quarter. This suggests that analyst sentiment is improving and the earnings outlook is positive.
According to our latest available data, BKKT has returned about 10.1% since the start of the calendar year. At the same time, business services stocks rose an average of 8.1%. This means that Bakkt Holdings, Inc. has outperformed the overall sector this year.
Clean Harbors (CLH) is another business services stock that has outperformed the sector so far this year. The stock has returned 49% since the beginning of the year.
The consensus estimate for Clean Harbors' current-year EPS has increased 3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
More specifically, Bakkt Holdings, Inc. belongs to the Technology Services industry, a group that includes 187 individual companies and currently sits at #100 in the Zacks Industry Rank. Shares in this group have gained an average of 14.1% this year, meaning BKKT has slightly underperformed its industry in terms of year-to-date profits.
However, Clean Harbors is in the waste removal services industry. This 17-stock industry currently ranks #188 on his list. The industry has moved +7.3% so far this year.
Investors interested in the Business Services sector may want to keep an eye on Bakkt Holdings, Inc. and Clean Harbors as they look to continue their solid performance.
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