Hut 8 Mining Corp. [HUT] moved down -13.75: Why It’s Important

Hut 8 Mining Corp. [NASDAQ: HUT] loss -13.75% on the last trading session, reaching $2.32 price per share at the time. The company report on August 17, 2022 that Hut 8 Mining Launches At-The-Market Equity Program.


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Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”) is pleased to announce that it has entered into an equity distribution agreement dated August 17, 2022 (the “ATM Agreement”) with Canaccord Genuity and Stifel (the “Agents”), pursuant to which the Company established an at-the-market equity program (the “ATM Program”).

Pursuant to the ATM Program, the Company may, at its discretion and from time-to-time during the term of the ATM Agreement, sell, through the Agents, such number of common shares of the Company (“Common Shares”) as would result in aggregate gross proceeds to the Company of up to US$200,000,000. Sales of Common Shares, if any, through the Agents will be made through “at-the-market” issuances, including without limitation, sales made directly on the Nasdaq Stock Market in the United States at the market price prevailing at the time of each sale. No Common Shares will be offered or sold under the ATM Program on the Toronto Stock Exchange or any other marketplace in Canada. The ATM Program may be terminated, with notice, by either party at any time.

Hut 8 Mining Corp. represents 178.01 million in outstanding shares, while the company has a total market value of $670.29 million with the latest information. HUT stock price has been found in the range of $2.26 to $2.49.

If compared to the average trading volume of 13.19M shares, HUT reached a trading volume of 9307505 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]:

DA Davidson have made an estimate for Hut 8 Mining Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 17, 2022. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on March 25, 2022, representing the official price target for Hut 8 Mining Corp. stock. Previously, the target price had yet another raise to $20, while DA Davidson analysts kept a Buy rating on HUT stock.

The Average True Range (ATR) for Hut 8 Mining Corp. is set at 0.32, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 3.26. 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 0.86.

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 -34.09. With this latest performance, HUT shares gained by 2.65% in over the last four-week period, additionally sinking by -63.69% over the last 6 months – not to mention a drop of -62.46% 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 46.99, with the RSI for the last a single of trading hit 41.21, and the three-weeks RSI is set at 48.84 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 2.00, while it was recorded at 2.98 for the last single week of trading, and 5.47 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 10.60 and a Current Ratio set at 10.60.

An analysis of insider ownership at Hut 8 Mining Corp. [HUT]

There are presently around $58 million, or 19.99% of HUT stock, in the hands of institutional investors. The top three institutional holders of HUT stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 2,734,200, which is approximately New of the company’s market cap and around 6.84% of the total institutional ownership; INVESCO LTD., holding 2,628,999 shares of the stock with an approximate value of $6.1 million in HUT stocks shares; and MORGAN STANLEY, currently with $6.01 million in HUT stock with ownership of nearly 375.841% of the company’s market capitalization.

Positions in Hut 8 Mining Corp. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 70 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 14,342,340 shares. Additionally, 64 investors decreased positions by around 13,475,264 shares, while 25 investors held positions by with 2,727,062 shares. The mentioned changes placed institutional holdings at 25,090,542 shares, according to the latest SEC report filing. HUT stock had 43 new institutional investments in for a total of 8,036,844 shares, while 36 institutional investors sold positions of 10,992,211 shares during the same period.

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