Stifel lifts Hut 8 Mining Corp. [HUT] price estimate. Who else is bullish?

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Hut 8 Mining Corp. [NASDAQ: HUT] closed the trading session at $3.70 on 05/03/22. The day’s price range saw the stock hit a low of $3.63, while the highest price level was $3.81. The company report on April 19, 2022 that Hut 8’s digital asset mining operations to be 100 per cent self-mined.

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The company is purchasing all 960 Whatsminer M31S+ machines from hosting client TAAL effective May 1.

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, today announced that it has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently installed and running at the company’s mining facility in Medicine Hat on behalf of TAAL.

The stocks have a year to date performance of -52.87 percent and weekly performance of 4.23 percent. The stock has been moved at -73.68 percent over the last six months. The stock has performed -33.45 percent around the most recent 30 days and changed -42.90 percent over the most recent 3-months.

If compared to the average trading volume of 7.31M shares, HUT reached to a volume of 4651221 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Hut 8 Mining Corp. [HUT]:

Stifel have made an estimate for Hut 8 Mining Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 25, 2022. While these analysts kept the previous recommendation, DA Davidson raised their target price to Buy. The new note on the price target was released on October 15, 2021, representing the official price target for Hut 8 Mining Corp. stock. Previously, the target price had yet another raise to $12, while Canaccord Genuity analysts kept a Buy rating on HUT stock.

The Average True Range (ATR) for Hut 8 Mining Corp. is set at 0.35, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 5.04. The Price to Book ratio for the last quarter was 0.81, with the Price to Cash per share for the same quarter was set at 1.96.

HUT stock trade performance evaluation

Hut 8 Mining Corp. [HUT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.23. With this latest performance, HUT shares dropped by -33.45% in over the last four-week period, additionally sinking by -73.68% over the last 6 months – not to mention a drop of -26.15% 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 34.24, with the RSI for the last a single of trading hit 33.56, and the three-weeks RSI is set at 36.21 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 5.06, while it was recorded at 3.67 for the last single week of trading, and 7.83 for the last 200 days.

Hut 8 Mining Corp. [HUT]: An insightful look at the core 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 +27.93 and a Gross Margin at +43.09. Hut 8 Mining Corp.’s Net Margin is presently recorded at -41.84.

Return on Equity for this stock declined to -21.34, with Return on Assets sitting at -16.79.

Hut 8 Mining Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 18.00 and a Current Ratio set at 18.00.

Hut 8 Mining Corp. [HUT]: Insider Ownership positions

There are presently around $99 million, or 20.42% of HUT stock, in the hands of institutional investors. The top three institutional holders of HUT stocks are: FMR LLC with ownership of 7,638,583, which is approximately 142.055% of the company’s market cap and around 2.03% of the total institutional ownership; INVESCO LTD., holding 2,619,108 shares of the stock with an approximate value of $9.69 million in HUT stocks shares; and CITADEL ADVISORS LLC, currently with $9.36 million in HUT stock with ownership of nearly 979.342% of the company’s market capitalization.

Positions in Hut 8 Mining Corp. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 84 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 13,779,339 shares. Additionally, 55 investors decreased positions by around 11,382,837 shares, while 15 investors held positions by with 1,562,761 shares. The mentioned changes placed institutional holdings at 26,724,937 shares, according to the latest SEC report filing. HUT stock had 51 new institutional investments in for a total of 3,638,850 shares, while 36 institutional investors sold positions of 8,633,103 shares during the same period.