Hut 8 Mining (HUT) Rises As Market Takes a Dip: Key Facts

Hut 8 Mining (HUT) ended the recent trading session at $2.30, demonstrating a +0.44% swing from the preceding day’s closing price. The stock’s performance was ahead of the S&P 500’s daily loss of 1.43%. Meanwhile, the Dow lost 0.32%, and the Nasdaq, a tech-heavy index, lost 2.43%.

Prior to today’s trading, shares of the crypto currency mining company had gained 23.78% over the past month. This has outpaced the Business Services sector’s loss of 2.63% and the S&P 500’s loss of 1.55% in that time.

The investment community will be paying close attention to the earnings performance of Hut 8 Mining in its upcoming release. The company’s upcoming EPS is projected at -$0.09, signifying a 18.18% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $27.78 million, indicating a 14.42% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.38 per share and revenue of $112.76 million, which would represent changes of 0% and -3.48%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Hut 8 Mining. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts’ favorable outlook on the company’s business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Hut 8 Mining currently has a Zacks Rank of #3 (Hold).

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The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 95, this industry ranks in the top 38% of all industries, numbering over 250.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow HUT in the coming trading sessions, be sure to utilize Zacks.com.

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