Why Hut 8 Mining (HUT) Outpaced the Stock Market Today – October 31, 2023

The most recent trading session ended with Hut 8 Mining (HUT – Free Report) standing at $2.17, reflecting a +1.4% shift from the previouse trading day’s closing. This change outpaced the S&P 500’s 0.65% gain on the day. On the other hand, the Dow registered a gain of 0.38%, and the technology-centric Nasdaq increased by 0.48%.

Coming into today, shares of the crypto currency mining company had gained 7% in the past month. In that same time, the Business Services sector lost 4.62%, while the S&P 500 lost 2.79%.

Market participants will be closely following the financial results of Hut 8 Mining in its upcoming release. The company is forecasted to report an EPS of -$0.09, showcasing a 18.18% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $27.78 million, up 14.42% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.38 per share and a revenue of $112.76 million, signifying shifts of 0% and -3.48%, respectively, from the last year.

It’s also important for investors to be aware of any recent modifications to analyst estimates for Hut 8 Mining. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts’ favorable outlook on the company’s business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there’s been no change in the Zacks Consensus EPS estimate. As of now, Hut 8 Mining holds a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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