Hut 8 HUT shares ended the last trading session 16.7% higher at $61.43. 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 7.1% gain over the past four weeks.
HUT is benefiting from AI data center expansion, power-first infrastructure strategy, strong compute demand, margin expansion and operating leverage, disciplined capital structure, large development pipeline, and long-term contracted cash flows supporting scalable, durable growth future.
This crypto currency mining company is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of -55.6%. Revenues are expected to be $77.34 million, up 254.5% 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 #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hut 8 belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Abacus Global Management, Inc. ABX, closed the last trading session 6.5% higher at $8.57. Over the past month, ABX has returned -21.9%.
For Abacus Global Management, Inc., the consensus EPS estimate for the upcoming report has changed -5.3% over the past month to $0.21. This represents a change of +16.7% from what the company reported a year ago. Abacus Global Management, Inc. currently has a Zacks Rank of #3 (Hold).
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Hut 8 Corp. (HUT): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).