Craig Hallum slashes price target on Hut 8 Mining Corp. [HUT] – find out why.

Hut 8 Mining Corp. [NASDAQ: HUT] loss -7.50% or -0.09 points to close at $1.11 with a heavy trading volume of 4754706 shares. The company report on November 28, 2022 that Hut 8 provides update on North Bay Facility.


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This news release constitutes a “designated news release”  for  purposes  of  the  Company’s  prospectus  supplement  dated  August  17, 2022 to its short form base shelf prospectus dated August 5, 2022.

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”) announces that it has requested mediation proceedings to be commended with Validus Power Corp. (“Validus”), a third-party supplier of energy to the Company’s mining facility in North Bay, Ontario.

It opened the trading session at $1.17, the shares rose to $1.20 and dropped to $1.08, the range by which the price of stock traded the whole day. The daily chart for HUT points out that the company has recorded -55.95% loss over the past six months. However, it is still -2.78% lower than its most recent low trading price.

If we look at the average trading volume of 8.91M shares, HUT reached to a volume of 4754706 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]:

Craig Hallum have made an estimate for Hut 8 Mining Corp. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on November 11, 2022. The new note on the price target was released on August 17, 2022, representing the official price target for Hut 8 Mining Corp. 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 1.48. The Price to Book ratio for the last quarter was 0.44, with the Price to Cash per share for the same quarter was set at 1.03.

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 -10.48. With this latest performance, HUT shares dropped by -47.64% in over the last four-week period, additionally sinking by -55.95% over the last 6 months – not to mention a drop of -90.89% 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 29.77, with the RSI for the last a single of trading hit 24.60, and the three-weeks RSI is set at 34.04 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 1.8045, while it was recorded at 1.1610 for the last single week of trading, and 2.9421 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 9.60 and a Current Ratio set at 9.60.

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

There are presently around $18 million, or 11.06% of HUT stock, in the hands of institutional investors. The top three institutional holders of HUT stocks are: MIRAE ASSET GLOBAL INVESTMENTS CO., LTD. with ownership of 2,591,624, which is approximately 19.664% of the company’s market cap and around 6.70% of the total institutional ownership; PINPOINT ASSET MANAGEMENT LTD, holding 1,660,660 shares of the stock with an approximate value of $1.84 million in HUT stocks shares; and BARCLAYS PLC, currently with $1.51 million in HUT stock with ownership of nearly 10549.922% 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 58 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 6,442,722 shares. Additionally, 53 investors decreased positions by around 13,871,811 shares, while 28 investors held positions by with 3,658,997 shares. The mentioned changes placed institutional holdings at 16,655,536 shares, according to the latest SEC report filing. HUT stock had 18 new institutional investments in for a total of 2,270,679 shares, while 29 institutional investors sold positions of 7,516,452 shares during the same period.

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