The stock of Hut 8 Mining Corp. (NASDAQ:HUT) last traded at $4.16, down -6.94% from the previous session.
Data from the available sources indicates that Hut 8 Mining Corp. (NASDAQ:HUT) is covered by 3 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $3.00 and a low of $1.50, we find $1.60. Given the previous closing price of $4.47, this indicates a potential downside of -64.21 percent. HUT stock price is now 72.03% away from the 50-day moving average and 126.81% away from the 200-day moving average. The market capitalization of the company currently stands at $1.29B.
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In total, 2 analysts have assigned it a hold rating, and 1 have given it a buy rating. Brokers who have rated the stock have averaged $2.03 as their price target over the next twelve months.
Insiders disposed of 50,000 shares of company stock worth roughly $0.21 million over the past 1 year. A total of 5.84% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in HUT stock. A new stake in Hut 8 Mining Corp. shares was purchased by HARVEST PORTFOLIOS GROUP INC. during the first quarter worth $674,000. XTX TOPCO LTD invested $568,000 in shares of HUT during the first quarter. In the first quarter, CAPTRUST FINANCIAL ADVISORS acquired a new stake in Hut 8 Mining Corp. valued at approximately $187,000. HBW ADVISORY SERVICES LLC acquired a new stake in HUT for approximately $135,000. JPMORGAN CHASE & CO purchased a new stake in HUT valued at around $114,000 in the second quarter. In total, there are 162 active investors with 9.72% ownership of the company’s stock.
With an opening price of $4.4600 on Friday morning, Hut 8 Mining Corp. (NASDAQ: HUT) set off the trading day. During the past 12 months, Hut 8 Mining Corp. has had a low of $0.78 and a high of $4.48. As of last week, the company has a debt-to-equity ratio of 0.10, a current ratio of 9.90, and a quick ratio of 9.90. The fifty day moving average price for HUT is $2.4666 and a two-hundred day moving average price translates $1.8464 for the stock.
The latest earnings results from Hut 8 Mining Corp. (NASDAQ: HUT) was released for Mar, 2023. The company reported revenue of $14.06 million for the quarter, compared to $42.11 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -66.61 percent.
Hut 8 Mining Corp.(HUT) Company Profile
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. It provides computing power to the mining pools in exchange for digital assets. The company serve commercial customers across various industries, including financial, healthcare, government, and those in the growing digital asset, Blockchain, gaming, virtual effects, and Web 3.0 space. Hut 8 Mining Corp. was incorporated in 2011 and is headquartered in Toronto, Canada.
