HIVE Blockchain (HIVE) shares rallied 6.8% in the last trading session to close at $5.53. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 69.3% gain over the past four weeks.
The price appreciation can be correlated to the rise in cryptocurrencies in the past year, driven by growing interest and investment in the digital asset space. The rise of cryptocurrencies has created a favorable environment for companies like HIVE to gain attention and attract investors.
This crypto currency mining company is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of +72.4%. Revenues are expected to be $22.1 million, down 50% 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 HIVE Blockchain, 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 HIVE 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 >>>>
HIVE Blockchain is part of the Zacks Technology Services industry. N-able (NABL), another stock in the same industry, closed the last trading session 0.2% lower at $14.03. NABL has returned -2.7% in the past month.
N-able's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. Compared to the company's year-ago EPS, this represents a change of -11.1%. N-able currently boasts a Zacks Rank of #4 (Sell).
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