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Strength Seen in Hut 8 (HUT): Can Its 8.8% Jump Turn into More Strength?
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Hut 8 (HUT - Free Report) shares ended the last trading session 8.8% higher at $13.01. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.4% gain over the past four weeks.
The Bitcoin rally is expected to resume soon as the halving event was completed earlier this year. The halving event, which occurs every four years, reduces the block reward by 50%, aiming to cap the total supply of Bitcoin at 21 million coins. This reduction in the rate of new Bitcoin supply typically increases demand for cryptocurrencies, often resulting in a price surge. Hence, investors are showing interest Hut 8 stock, driving it higher.
This cryptocurrency mining company is expected to post a quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +70%. Revenues are expected to be $43.5 million, up 204.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hut 8, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HUT going forward to see if this recent jump can turn into more strength down the road.
Hut 8 is part of the Zacks Financial - Miscellaneous Services industry. Forge Global Holdings, Inc. (FRGE - Free Report) , another stock in the same industry, closed the last trading session 2% lower at $1.45. FRGE has returned -17.3% in the past month.
For Forge Global, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.12. This represents no change from what the company reported a year ago. Forge Global currently has a Zacks Rank of #4 (Sell).
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Strength Seen in Hut 8 (HUT): Can Its 8.8% Jump Turn into More Strength?
Hut 8 (HUT - Free Report) shares ended the last trading session 8.8% higher at $13.01. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.4% gain over the past four weeks.
The Bitcoin rally is expected to resume soon as the halving event was completed earlier this year. The halving event, which occurs every four years, reduces the block reward by 50%, aiming to cap the total supply of Bitcoin at 21 million coins. This reduction in the rate of new Bitcoin supply typically increases demand for cryptocurrencies, often resulting in a price surge. Hence, investors are showing interest Hut 8 stock, driving it higher.
This cryptocurrency mining company is expected to post a quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +70%. Revenues are expected to be $43.5 million, up 204.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hut 8, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HUT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hut 8 is part of the Zacks Financial - Miscellaneous Services industry. Forge Global Holdings, Inc. (FRGE - Free Report) , another stock in the same industry, closed the last trading session 2% lower at $1.45. FRGE has returned -17.3% in the past month.
For Forge Global, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.12. This represents no change from what the company reported a year ago. Forge Global currently has a Zacks Rank of #4 (Sell).