This story originally appeared on Zacks

Hut 8 Mining (HUT) closed the most recent trading day at $6.61, making no change from the previous trading session. This change was narrower than the S&P 500’s 0.14% loss on the day. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq lost 0.01%.

Prior to today’s trading, shares of the crypto currency mining company had lost 24.72% over the past month. This has lagged the Business Services sector’s loss of 15.81% and the S&P 500’s loss of 0.13% in that time.

Investors will be hoping for strength from Hut 8 Mining as it approaches its next earnings release.

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

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 5.2% higher. Hut 8 Mining is currently sporting a Zacks Rank of #3 (Hold).

Investors should also note Hut 8 Mining’s current valuation metrics, including its Forward P/E ratio of 7.26. This valuation marks a discount compared to its industry’s average Forward P/E of 20.96.

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 187, which puts it in the bottom 27% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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