Zoom (NASDAQ: ZM) was beating the market Thursday: Its shares were up by 6% as of 12:45 p.m. ET compared to a 0.1% drop in the S&P 500. That pop erased just a small portion of the video communications specialist's stock declines for this year. It remains down by 56% so far in 2022.

The day's gains came as investors' sentiment around tech stocks continued to swing, this time toward the positive.

The tech-heavy Nasdaq Composite was up by 1.1% in early afternoon trading, and the broad factors driving its bounce were the same ones underpinning Zoom's move. The company's shares have lost 71% of their value in the past year, and are now near the level they traded at in February 2020 -- before their pandemic-powered surge. Its price-to-sales ratio has also plunged, reflecting investors' pessimism about Zoom's growth prospects now that workplace behaviors are reverting to more normal patterns. Given the scale of its stock price decline, any improving optimism on Wall Street is likely to push Zoom higher.

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Source Fool.com