Market Analysts see Hut 8 Mining Corp. [HUT] gaining to $20. Time to buy?


Hut 8 Mining Corp. [NASDAQ: HUT] traded at a low on 12/01/21, posting a -2.24 loss after which it closed the day’ session at $11.78. The company report on November 30, 2021 that Hut 8 Announces Change of Auditor.

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), announces that its board of directors (the “Board”) has approved a change of the Company’s auditor. The Company’s former auditor, Dale Matheson Carr-Hilton Labonte LLP (the “Former Auditor” or “DMCL”), has resigned on its own initiative prior to the expiry of their term in office, effective as of November 16, 2021. The Board and the audit committee of the Board (the “Audit Committee”) have appointed Raymond Chabot Grant Thornton LLP (the “Successor Auditor” or “Raymond Chabot Grant Thornton”) as the successor auditor of the Company, effective as of November 30, 2021.

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“We are grateful for the services provided by DMCL since first engaging with the Company in 2018″ said Shane Downey, Chief Financial Officer of Hut 8.” We look forward to a smooth transition with the Raymond Chabot Grant Thornton team and continuing to deliver on our objectives.”.

The results of the trading session contributed to over 10917799 shares changing hands. Over the past one week, the price volatility of Hut 8 Mining Corp. stands at 9.81% while the volatility over the past one month is 9.74%.

The market cap for HUT stock reached $2.33 billion, with 146.49 million shares outstanding and 125.08 million shares in the current float. Compared to the average trading volume of 12.73M shares, HUT reached a trading volume of 10917799 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Hut 8 Mining Corp. [HUT]?

DA Davidson have made an estimate for Hut 8 Mining Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 15, 2021. While these analysts kept the previous recommendation, Canaccord Genuity raised their target price to Buy. The new note on the price target was released on September 23, 2021, representing the official price target for Hut 8 Mining Corp. stock. Previously, the target price had yet another raise to $10, while Craig Hallum analysts kept a Buy rating on HUT stock.

The Average True Range (ATR) for Hut 8 Mining Corp. is set at 1.29, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 18.10. The Price to Book ratio for the last quarter was 2.74, with the Price to Cash per share for the same quarter was set at 1.90.

How has HUT stock performed recently?

Hut 8 Mining Corp. [HUT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.10. With this latest performance, HUT shares dropped by -16.22% in over the last four-week period, additionally plugging by 191.04% over the last 6 months – not to mention a rise of 792.42% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for HUT stock in for the last two-week period is set at 43.17, with the RSI for the last a single of trading hit 37.41, and the three-weeks RSI is set at 47.16 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 11.97, while it was recorded at 12.26 for the last single week of trading, and 7.59 for the last 200 days.

Hut 8 Mining Corp. [HUT]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Hut 8 Mining Corp. [HUT] shares currently have an operating margin of -58.14 and a Gross Margin at -51.13. Hut 8 Mining Corp.’s Net Margin is presently recorded at +46.77.

Return on Total Capital for HUT is now -22.53, given the latest momentum, and Return on Invested Capital for the company is 21.39. Return on Equity for this stock inclined to 24.06, with Return on Assets sitting at 17.59. When it comes to the capital structure of this company, Hut 8 Mining Corp. [HUT] has a Total Debt to Total Equity ratio set at 22.29. Additionally, HUT Total Debt to Total Capital is recorded at 18.23, with Total Debt to Total Assets ending up at 17.74.

Reflecting on the efficiency of the workforce at the company, Hut 8 Mining Corp. [HUT] managed to generate an average of $634,672 per employee. Receivables Turnover for the company is 58.39 with a Total Asset Turnover recorded at a value of 0.38.Hut 8 Mining Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 22.40 and a Current Ratio set at 22.40.

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Insider trade positions for Hut 8 Mining Corp. [HUT]

There are presently around $290 million, or 12.90% of HUT stock, in the hands of institutional investors. The top three institutional holders of HUT stocks are: FMR LLC with ownership of 3,155,727, which is approximately 0% of the company’s market cap and around 15.23% of the total institutional ownership; INVESCO LTD., holding 2,804,493 shares of the stock with an approximate value of $33.04 million in HUT stocks shares; and POINT72 ASSET MANAGEMENT, L.P., currently with $23.17 million in HUT stock with ownership of nearly New of the company’s market capitalization.

Positions in Hut 8 Mining Corp. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 67 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 14,855,076 shares. Additionally, 16 investors decreased positions by around 2,373,308 shares, while 10 investors held positions by with 7,375,032 shares. The mentioned changes placed institutional holdings at 24,603,416 shares, according to the latest SEC report filing. HUT stock had 42 new institutional investments in for a total of 9,618,404 shares, while 10 institutional investors sold positions of 1,003,906 shares during the same period.