Hut 8 Mining Corp. [HUT] is -63.95% lower this YTD. Is it still time to buy?


Hut 8 Mining Corp. [NASDAQ: HUT] price plunged by -17.01 percent to reach at -$0.58. The company report on May 6, 2022 that Hut 8 Mining Monthly Production Update for April 2022.

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6,769 self-mined Bitcoin in reserve following 309 generated last month.

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, advanced its Bitcoin holdings in the period ending April 30, 2022.

A sum of 9431125 shares traded at recent session while its average daily volume was at 7.23M shares. Hut 8 Mining Corp. shares reached a high of $3.2695 and dropped to a low of $2.78 until finishing in the latest session at $2.83.

Guru’s Opinion on 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 0.36, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 3.90. The Price to Book ratio for the last quarter was 0.62, with the Price to Cash per share for the same quarter was set at 1.94.

HUT Stock Performance Analysis:

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 -23.51. With this latest performance, HUT shares dropped by -42.01% in over the last four-week period, additionally sinking by -80.51% over the last 6 months – not to mention a drop of -40.67% 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 27.55, with the RSI for the last a single of trading hit 23.73, and the three-weeks RSI is set at 31.13 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 4.89, while it was recorded at 3.52 for the last single week of trading, and 7.82 for the last 200 days.

Insight into Hut 8 Mining Corp. 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 Position Details

There are presently around $78 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 $7.41 million in HUT stocks shares; and CITADEL ADVISORS LLC, currently with $7.16 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 81 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 13,923,663 shares. Additionally, 59 investors decreased positions by around 11,406,571 shares, while 17 investors held positions by with 2,167,308 shares. The mentioned changes placed institutional holdings at 27,497,542 shares, according to the latest SEC report filing. HUT stock had 45 new institutional investments in for a total of 3,073,167 shares, while 36 institutional investors sold positions of 8,633,103 shares during the same period.