On Monday, Crypto miner Hut 8 earned a positive adjustment to its Relative Strength (RS) Rating, from 72 to 92.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the last 52 weeks matches up against the rest of the market.
History reveals that the best stocks often have an RS Rating north of 80 in the early stages of their moves.
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While the low-priced Hut 8 Stock is not near an ideal entry right now, see if it is able to form and break out from a proper base.
Hut 8 showed 0% earnings growth in the latest quarterly report, while sales growth came in at -46%.
Hut 8 holds the No. 44 rank among its peers in the Financial Services-Specialty industry group. Clearwater Analytics, Tiptree and Broadridge Finl Solutions are among the top 5 highly rated stocks within the group.
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