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Hut 8 (HUT - Free Report) closed the latest trading day at $9.29, indicating a +0.76% change from the previous session's end. The stock outpaced the S&P 500's daily gain of 0.17%. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq appreciated by 0.37%.
Prior to today's trading, shares of the crypto currency mining company had gained 9.5% over the past month. This has outpaced the Finance sector's gain of 2.44% and the S&P 500's gain of 3.8% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Hut 8 in its upcoming earnings disclosure. The company is expected to report EPS of -$0.07, up 88.33% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $43.3 million, indicating a 169.28% increase compared to the same quarter of the previous year.
It is also important to note the recent changes to analyst estimates for Hut 8. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Hut 8 is holding a Zacks Rank of #3 (Hold) right now.
The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 145, finds itself in the bottom 43% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Why Hut 8 (HUT) Outpaced the Stock Market Today
Hut 8 (HUT - Free Report) closed the latest trading day at $9.29, indicating a +0.76% change from the previous session's end. The stock outpaced the S&P 500's daily gain of 0.17%. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq appreciated by 0.37%.
Prior to today's trading, shares of the crypto currency mining company had gained 9.5% over the past month. This has outpaced the Finance sector's gain of 2.44% and the S&P 500's gain of 3.8% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Hut 8 in its upcoming earnings disclosure. The company is expected to report EPS of -$0.07, up 88.33% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $43.3 million, indicating a 169.28% increase compared to the same quarter of the previous year.
It is also important to note the recent changes to analyst estimates for Hut 8. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Hut 8 is holding a Zacks Rank of #3 (Hold) right now.
The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 145, finds itself in the bottom 43% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.