Hut 8 Mining Corp. [HUT] is -70.06% lower this YTD. Is it still time to buy?

Hut 8 Mining Corp. [NASDAQ: HUT] traded at a high on 09/09/22, posting a 11.90 gain after which it closed the day’ session at $2.35. The company report on September 6, 2022 that Hut 8 Mining Production and Operations Update for August 2022.

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375 Bitcoin mined, bringing reserves to 8,111.

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, increased its Bitcoin holdings by 375 in the period ending August 31, bringing its total self-mined holdings to 8,111 Bitcoin.

The results of the trading session contributed to over 14870477 shares changing hands. Over the past one week, the price volatility of Hut 8 Mining Corp. stands at 9.98% while the volatility over the past one month is 10.47%.

The market cap for HUT stock reached $529.29 million, with 178.01 million shares outstanding and 161.69 million shares in the current float. Compared to the average trading volume of 12.95M shares, HUT reached a trading volume of 14870477 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 2.58. The Price to Book ratio for the last quarter was 0.82, with the Price to Cash per share for the same quarter was set at 1.11.

How has HUT stock performed recently?

Hut 8 Mining Corp. [HUT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 19.90. With this latest performance, HUT shares dropped by -13.28% in over the last four-week period, additionally sinking by -56.48% over the last 6 months – not to mention a drop of -77.21% 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 53.86, with the RSI for the last a single of trading hit 58.17, and the three-weeks RSI is set at 52.26 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 2.12, while it was recorded at 2.00 for the last single week of trading, and 4.62 for the last 200 days.

Hut 8 Mining Corp. [HUT]: Deeper insight into the 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 10.60 and a Current Ratio set at 10.60.

Insider trade positions for Hut 8 Mining Corp. [HUT]

There are presently around $59 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 $6.18 million in HUT stocks shares; and MORGAN STANLEY, currently with $6.09 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, 63 investors decreased positions by around 13,410,764 shares, while 26 investors held positions by with 2,627,261 shares. The mentioned changes placed institutional holdings at 25,106,705 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 35 institutional investors sold positions of 10,927,711 shares during the same period.


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