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

This story originally appeared on Zacks

Hut 8 Mining (HUT) closed the last trading day at $6.61, unchanged from the previous trading session. That change was narrower than the S&P 500’s 0.14% loss today. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq lost 0.01%.

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Ahead of today’s trading, the cryptocurrency miner’s shares have lost 24.72% over the past month. This trailed the Business Services segment’s loss of 15.81% and the S&P 500’s loss of 0.13% in that time.

Investors are hoping for some strength from Hut 8 Mining as it nears its next earnings release.

Investors may also notice recent changes in analyst estimates for Hut 8 Mining. These recent reviews tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive rating reviews as a good sign of the company’s business outlook.

Our research shows that these discretionary changes are directly correlated with near-term stock prices. To take advantage of this, we have developed Zacks Rank, a proprietary model that takes these discretionary changes into account and provides an actionable ranking system.

The Zacks Rank system ranges from #1 (strong buy) to #5 (strong sell). The company has a proven track record of success, subject to external scrutiny, with the No. 1 stock generating an average annual return of over 25% since 1988. In the past 30 days, our aligned EPS forecast is up 5.2%. Hut 8 Mining currently has a Zacks rating of 3 (Hold).

Investors should also take note of Hut 8 Mining’s current valuation metrics, including a forward price-to-earnings ratio of 7.26. This valuation represents a discount compared to the industry’s forward P/E average of 20.96.

The technology services industry is part of the business services sector. The industry currently has a Zacks Industry Rating of 187, placing it in the lowest 27% of all 250+ industries.

The Zacks Industry Ranking measures the strength of our individual industry groups by measuring the average Zacks rating of the individual stocks within the groups. Our research shows that industries ranked 50% outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to keep track of all these stock movement metrics and more in upcoming trading sessions.

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