This story originally appeared on Zacks

Hut 8 Mining (HUT) closed at $7.77 in the latest trading session, marking a -1.02% move from the prior day. This change lagged the S&P 500’s 0.64% gain on the day. Elsewhere, the Dow gained 0.68%, while the tech-heavy Nasdaq added 0.46%.

Prior to today’s trading, shares of the crypto currency mining company had lost 16.22% over the past month. This has lagged the Business Services sector’s gain of 4.47% and the S&P 500’s gain of 4.56% in that time.

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

It is also important to note the recent changes to analyst estimates for Hut 8 Mining. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Hut 8 Mining is currently sporting a Zacks Rank of #3 (Hold).

Looking at its valuation, Hut 8 Mining is holding a Forward P/E ratio of 28.04. Its industry sports an average Forward P/E of 28.04, so we one might conclude that Hut 8 Mining is trading at a no noticeable deviation comparatively.

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 177, which puts it in the bottom 31% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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