Hut 8 (HUT) shares ended the last trading session 17.9% higher at $20. 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 50.4% gain over the past four weeks.
Hut 8 retained its rally for the second straight day, driven by strengths in its vertically integrated model, allowing for rapid capacity expansion and asset redeployment. The company leverages a large-scale energy infrastructure, advanced energy management and a significant operational portfolio of 839 MW across 11 North American sites, with plans to exceed 1 GW under management.
Recently, it secured a power purchase agreement and other definitive agreements for a site in West Texas. This agreement grants Hut 8 exclusive access to 205 MW of readily available power capacity and land. Additionally, Hut 8 witnessed price target increases from investment banking and financial services firms Needham, Canaccord, Benchmark and Craig Hallum.
This crypto currency mining company is expected to post 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.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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. Chicago Atlantic Real Estate Finance, Inc. (REFI), another stock in the same industry, closed the last trading session 1.1% higher at $15.78. REFI has returned -1% in the past month.
Chicago Atlantic Real Estate Finance's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.56. Compared to the company's year-ago EPS, this represents a change of +1.8%. Chicago Atlantic Real Estate Finance currently boasts a Zacks Rank of #3 (Hold).
Image: Bigstock
Hut 8 (HUT) Soars 17.9%: Is Further Upside Left in the Stock?
Hut 8 (HUT) shares ended the last trading session 17.9% higher at $20. 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 50.4% gain over the past four weeks.
Hut 8 retained its rally for the second straight day, driven by strengths in its vertically integrated model, allowing for rapid capacity expansion and asset redeployment. The company leverages a large-scale energy infrastructure, advanced energy management and a significant operational portfolio of 839 MW across 11 North American sites, with plans to exceed 1 GW under management.
Recently, it secured a power purchase agreement and other definitive agreements for a site in West Texas. This agreement grants Hut 8 exclusive access to 205 MW of readily available power capacity and land. Additionally, Hut 8 witnessed price target increases from investment banking and financial services firms Needham, Canaccord, Benchmark and Craig Hallum.
This crypto currency mining company is expected to post 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.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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. Chicago Atlantic Real Estate Finance, Inc. (REFI), another stock in the same industry, closed the last trading session 1.1% higher at $15.78. REFI has returned -1% in the past month.
Chicago Atlantic Real Estate Finance's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.56. Compared to the company's year-ago EPS, this represents a change of +1.8%. Chicago Atlantic Real Estate Finance currently boasts a Zacks Rank of #3 (Hold).