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I think so. I work with a group that was researching ways to improve the hacker news ranking algorithm. We concluded that there were "false positives" and "false negatives" -- stories often did or did not make the home page based more on timing and luck than the actual content of the story. Read more here: https://github.com/social-protocols/news
However, we concluded that the biggest problem is false negatives -- good stories that never made the home page -- because of submissions to /newest that simply don't get enough *attention*. There are too many stories and not enough eyeballs. As a result, there is not enough data to know if a story would do well if it were shown on the front page or not.
You can see this from the fact that there are many stories that are submitted multiple times, and 4 out of 5 submissions get only 1 or two no upvotes, and then the 5th makes the front page and gets hundreds. Sometimes it's due to timing factors -- the story has become relevant for some reason -- but often its just luck.