Hut 8 Mining Corp. [HUT] is -71.85% lower this YTD. Is it still time to buy?


Hut 8 Mining Corp. [NASDAQ: HUT] closed the trading session at $2.21 on 06/06/22. The day’s price range saw the stock hit a low of $2.19, while the highest price level was $2.43. The company report on June 6, 2022 that Hut 8 Mining Production and Operations Update.

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The stocks have a year to date performance of -71.85 percent and weekly performance of -12.30 percent. The stock has been moved at -76.41 percent over the last six months. The stock has performed -39.12 percent around the most recent 30 days and changed -55.17 percent over the most recent 3-months.

If compared to the average trading volume of 7.99M shares, HUT reached to a volume of 13959496 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 0.28, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 2.55. The Price to Book ratio for the last quarter was 0.58, with the Price to Cash per share for the same quarter was set at 1.98.

HUT stock trade performance evaluation

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 -12.30. With this latest performance, HUT shares dropped by -39.12% in over the last four-week period, additionally sinking by -76.41% over the last 6 months – not to mention a drop of -43.33% 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 33.05, with the RSI for the last a single of trading hit 33.35, and the three-weeks RSI is set at 33.71 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 3.72, while it was recorded at 2.35 for the last single week of trading, and 7.51 for the last 200 days.

Hut 8 Mining Corp. [HUT]: An insightful look at the core fundamentals

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.

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

There are presently around $58 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; MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., holding 2,200,499 shares of the stock with an approximate value of $5.08 million in HUT stocks shares; and INVESCO LTD., currently with $4.1 million in HUT stock with ownership of nearly -32.252% of the company’s market capitalization.

64 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 5,139,351 shares. Additionally, 74 investors decreased positions by around 7,057,806 shares, while 19 investors held positions by with 12,799,074 shares. The mentioned changes placed institutional holdings at 24,996,231 shares, according to the latest SEC report filing. HUT stock had 24 new institutional investments in for a total of 531,990 shares, while 42 institutional investors sold positions of 2,228,906 shares during the same period.