Hut 8 Mining Corp. [HUT] Revenue clocked in at $205.40 million, down -74.78% YTD: What’s Next?

Hut 8 Mining Corp. [NASDAQ: HUT] gained 2.06% or 0.04 points to close at $1.98 with a heavy trading volume of 7756325 shares. The company report on October 4, 2022 that Hut 8 Mining Production and Operations Update for September 2022.

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277 Bitcoin mined, bringing reserves to 8,388.

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 our Bitcoin holdings by 277 in the period ending September 30, bringing our total self-mined holdings to 8,388 Bitcoin.

It opened the trading session at $1.94, the shares rose to $2.00 and dropped to $1.85, the range by which the price of stock traded the whole day. The daily chart for HUT points out that the company has recorded -49.49% loss over the past six months. However, it is still -55.91% lower than its most recent low trading price.

If we look at the average trading volume of 10.29M shares, HUT reached to a volume of 7756325 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 0.17, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 2.44. The Price to Book ratio for the last quarter was 0.69, with the Price to Cash per share for the same quarter was set at 0.98.

Trading performance analysis for HUT stock

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 2.59. With this latest performance, HUT shares gained by 17.16% in over the last four-week period, additionally sinking by -49.49% over the last 6 months – not to mention a drop of -82.24% 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 52.22, with the RSI for the last a single of trading hit 55.89, and the three-weeks RSI is set at 50.33 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 2.0649, while it was recorded at 1.9080 for the last single week of trading, and 3.4942 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 14.89% 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 6.73% of the total institutional ownership; INVESCO LTD., holding 2,628,999 shares of the stock with an approximate value of $5.21 million in HUT stocks shares; and MORGAN STANLEY, currently with $5.13 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 November and at the time of the November reporting period, where 64 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 13,258,369 shares. Additionally, 63 investors decreased positions by around 13,470,173 shares, while 30 investors held positions by with 2,539,305 shares. The mentioned changes placed institutional holdings at 24,189,237 shares, according to the latest SEC report filing. HUT stock had 37 new institutional investments in for a total of 7,876,540 shares, while 36 institutional investors sold positions of 11,005,886 shares during the same period.


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