Hut 8 Mining Corp. [NASDAQ: HUT] gained 0.40% on the last trading session, reaching $2.48 price per share at the time. The company report on May 12, 2022 that Hut 8 Reports Operating and Financial Results for Q1 2022.
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Strong quarterly revenue of $53.3 millionBitcoin holdings increased 17% to 6,460Adjusted EBITDA(i) of $27.1 millionHigh performance computing business delivered solid financial results.
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, is pleased to announce its financial results for the quarter ended March 31, 2022. All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.
Hut 8 Mining Corp. represents 170.46 million in outstanding shares, while the company has a total market value of $548.80 million with the latest information. HUT stock price has been found in the range of $2.29 to $2.61.
If compared to the average trading volume of 7.45M shares, HUT reached a trading volume of 12704280 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 0.34, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 2.81. The Price to Book ratio for the last quarter was 0.65, with the Price to Cash per share for the same quarter was set at 2.02.
Trading performance analysis for HUT stock
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 -9.49. With this latest performance, HUT shares dropped by -39.81% in over the last four-week period, additionally sinking by -80.19% over the last 6 months – not to mention a drop of -37.38% 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 31.13, with the RSI for the last a single of trading hit 30.92, and the three-weeks RSI is set at 32.70 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 4.34, while it was recorded at 2.51 for the last single week of trading, and 7.71 for the last 200 days.
Hut 8 Mining Corp. [HUT]: A deeper dive into fundamental analysis
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 20.10 and a Current Ratio set at 20.10.
An analysis of insider ownership at Hut 8 Mining Corp. [HUT]
There are presently around $57 million, or 21.91% of HUT stock, in the hands of institutional investors. The top three institutional holders of HUT stocks are: FMR LLC with ownership of 8,343,483, which is approximately 9.228% of the company’s market cap and around 1.92% of the total institutional ownership; INVESCO LTD., holding 1,774,403 shares of the stock with an approximate value of $4.4 million in HUT stocks shares; and SUSQUEHANNA INTERNATIONAL GROUP, LLP, currently with $3.03 million in HUT stock with ownership of nearly 19.333% of the company’s market capitalization.
Positions in Hut 8 Mining Corp. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 64 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 5,029,718 shares. Additionally, 75 investors decreased positions by around 9,148,087 shares, while 18 investors held positions by with 8,617,927 shares. The mentioned changes placed institutional holdings at 22,795,732 shares, according to the latest SEC report filing. HUT stock had 25 new institutional investments in for a total of 532,575 shares, while 43 institutional investors sold positions of 4,319,187 shares during the same period.