Why Hut 8 Mining Corp. (HUT) stock popup in the after-markets on Monday?

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Hut 8 Mining Corp. shares surged 6.86% in after-hours on Monday, December 06, 2021, and closed the daily trading at $9.82. However, in the regular trading session on Monday, HUT’s stock lost 1.92%. HUT shares have risen 606.92% over the last 12 months, and they have moved down 27.92% in the past week. Over the past three months, the stock has lost 8.47%, while over the past six months, it has jumped 134.47%.

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Let’s have a brief discussion about its recent news.

HUT on S&P/TSX Composite Index

As a result of the quarterly review, Hut 8 Mining Corp. will be added to S&P/TSX Composite Index before the opening of trading on Monday, December 20, 2021.

HUT production update for November 2021

On December 2, 2021, Hut 8 Mining Corp. provided the following update. All dollar figures are in Canadian Dollars unless otherwise stated.

  • In November, 265 Bitcoin were mined at an average production rate of 8.83 Bitcoin per day.
  • The total Bitcoin balance held in reserve is 5,242 as of November 30, 2021.

HUT Auditor change

On November 30, 2021, the board of directors of Hut 8 Mining Corp. approved a change of the Company’s auditor. The Company’s former auditor, Dale Matheson Carr-Hilton Labonte LLP has resigned on its initiative before the expiry of its term in office. The Board and the audit committee of the Board appointed Raymond Chabot Grant Thornton LLP as the successor auditor of the Company.

HUT participation in the recent event

Hut 8 Mining Corp. recently participated at the D.A. Davidson 2021 FinTech and Payment Spotlight Conference, which was held on December 2, 2021.

HUT latest financial results

On November 11, 2021, Hut 8 Mining Corp. announced its financial results for the quarter ending September 30, 2021. All dollar figures are in Canadian Dollars unless otherwise stated.

Q3 2021 financial highlights

  • Total revenue in Q3 2021 was $50.3 million compared to $5.8 million in Q3 2020.
  • Site operating costs was totalled $16.0 million in Q3 2021 compared to $7.5 million in the prior-year period.
  • It earned a net income of $23.37 million in Q3 2021 compared to a net loss of $0.9 million in Q3 2020.
  • Adjusted EBITDA was $30.72 million in Q3 2021 compared to a negative $2.53 million in Q3 2020.
  • The Company had a total Bitcoin balance of 4,729 with a market value of $263.8 million on September 30, 2021.

Conclusion

Well, we have no recent news which could justify its gains in the after-hours on Monday. We hope that it will continue its momentum on Tuesday as well.