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

Hut 8 Mining Corp. [NASDAQ: HUT] loss -2.55% on the last trading session, reaching $1.91 price per share at the time. The company report on August 23, 2022 that Hut 8 partners with Zenlayer to bring on-demand high-performance computing to Web 3.0 and blockchain customers.

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Partnership brings global edge cloud services provider Zenlayer to Canada.

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 and high-performance computing infrastructure provider, has signed a partnership with Zenlayer, a massively distributed edge cloud service provider, to bring industry-leading edge computing solutions to Web 3.0, blockchain, and enterprise customers.

Hut 8 Mining Corp. represents 178.01 million in outstanding shares, while the company has a total market value of $498.61 million with the latest information. HUT stock price has been found in the range of $1.90 to $2.04.

If compared to the average trading volume of 12.90M shares, HUT reached a trading volume of 10607750 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 0.25, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 2.43. The Price to Book ratio for the last quarter was 0.67, with the Price to Cash per share for the same quarter was set at 0.95.

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 -7.73. With this latest performance, HUT shares dropped by -16.96% in over the last four-week period, additionally sinking by -64.10% over the last 6 months – not to mention a drop of -78.61% 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 39.74, with the RSI for the last a single of trading hit 32.76, and the three-weeks RSI is set at 43.10 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 2.0814, while it was recorded at 2.0140 for the last single week of trading, and 4.8334 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 $48 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 $5.02 million in HUT stocks shares; and MORGAN STANLEY, currently with $4.95 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 14,323,202 shares. Additionally, 64 investors decreased positions by around 13,475,264 shares, while 25 investors held positions by with 2,698,711 shares. The mentioned changes placed institutional holdings at 25,099,755 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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