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Hut 8 Mining (HUT) Stock Sinks As Market Gains: What You Should Know

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Hut 8 Mining (HUT - Free Report) closed the most recent trading day at $3.45, moving -0.58% from the previous trading session. This move lagged the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq added 0.61%.

Prior to today's trading, shares of the crypto currency mining company had gained 30.45% over the past month. This has outpaced the Business Services sector's gain of 4.27% and the S&P 500's gain of 4.86% in that time.

Investors will be hoping for strength from Hut 8 Mining as it approaches its next earnings release. In that report, analysts expect Hut 8 Mining to post earnings of -$0.05 per share. This would mark year-over-year growth of 58.33%. Meanwhile, our latest consensus estimate is calling for revenue of $15.98 million, down 53.49% from the prior-year quarter.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.19 per share and revenue of $74.89 million. These totals would mark changes of +50% and -35.9%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Hut 8 Mining. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Hut 8 Mining is currently sporting a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 119, which puts it in the top 48% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


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