In yesterday’s Wall Street session, Hut 8 Mining Corp (NASDAQ:HUT) shares traded at $1.85, down -3.65% from the previous session.
As of this writing, 3 analysts cover Hut 8 Mining Corp (NASDAQ:HUT). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $2.75 and a low of $2.60, we find $2.75. Given the previous closing price of $1.92, this indicates a potential upside of 43.23 percent. HUT stock price is now -32.28% away from the 50-day moving average and -11.80% away from the 200-day moving average. The market capitalization of the company currently stands at $410.13M.
There are 2 analysts who have given it a hold rating, whereas 1 have given it a buy rating. Brokers who have rated the stock have averaged $2.70 as their price target over the next twelve months.
A total of 0.81% 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 FIRST TRUST ADVISORS LP during the first quarter worth $1,283,000. GOLDENTREE ASSET MANAGEMENT LP invested $1,235,000 in shares of HUT during the first quarter. In the first quarter, SWISS NATIONAL BANK acquired a new stake in Hut 8 Mining Corp valued at approximately $902,000. NINEPOINT PARTNERS LP acquired a new stake in HUT for approximately $755,000. RENAISSANCE TECHNOLOGIES LLC purchased a new stake in HUT valued at around $575,000 in the second quarter. In total, there are 159 active investors with 15.89% ownership of the company’s stock.
Tuesday morning saw Hut 8 Mining Corp (NASDAQ: HUT) opened at $1.9000. During the past 12 months, Hut 8 Mining Corp has had a low of $0.78 and a high of $4.55. As of last week, the company has a debt-to-equity ratio of 0.14, a current ratio of 6.96, and a quick ratio of 6.96. The fifty day moving average price for HUT is $2.6923 and a two-hundred day moving average price translates $2.1015 for the stock.
The latest earnings results from Hut 8 Mining Corp (NASDAQ: HUT) was released for Jun, 2023. The net profit margin was -128.04% and return on equity was -23.42% for HUT. The company reported revenue of $14.27 million for the quarter, compared to $34.34 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -58.44 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.
