Hut 8 Mining Corp. [NASDAQ: HUT] loss -4.29% or -0.07 points to close at $1.56 with a heavy trading volume of 10565225 shares. The company report on February 21, 2023 that Hut 8 advances its goal of achieving carbon neutrality by 2025 through innovative recycling program.
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Partnering with Sparta Group’s ERS International, Hut 8 recycled retired miners and parts, earning approximately 5,200 high-quality carbon credits.
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, partnered with Sparta Group’s carbon credit program established by their e-waste division, ERS International, to reduce their carbon footprint by reusing and recycling approximately 220 metric tonnes of electronic waste, earning approximately 5,200 metric tons of carbon dioxide equivalent serialized carbon credits.
It opened the trading session at $1.55, the shares rose to $1.61 and dropped to $1.51, the range by which the price of stock traded the whole day. The daily chart for HUT points out that the company has recorded -23.15% loss over the past six months. However, it is still -100.0% lower than its most recent low trading price.
If we look at the average trading volume of 9.06M shares, HUT reached to a volume of 10565225 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]:
H.C. Wainwright have made an estimate for Hut 8 Mining Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 09, 2022. While these analysts kept the previous recommendation, Craig Hallum dropped their target price from $5 to $2. The new note on the price target was released on November 11, 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 0.19, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 2.63. The Price to Book ratio for the last quarter was 0.61, with the Price to Cash per share for the same quarter was set at 0.82.
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 -4.29. With this latest performance, HUT shares dropped by -27.78% in over the last four-week period, additionally sinking by -23.15% over the last 6 months – not to mention a drop of -74.88% 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 42.35, with the RSI for the last a single of trading hit 35.32, and the three-weeks RSI is set at 46.03 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 1.5755, while it was recorded at 1.6300 for the last single week of trading, and 1.8128 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 $24 million, or 9.42% 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 2,118,661, which is approximately -18.25% of the company’s market cap and around 6.07% of the total institutional ownership; STATE STREET CORP, holding 1,552,637 shares of the stock with an approximate value of $2.42 million in HUT stocks shares; and VAN ECK ASSOCIATES CORP, currently with $2.35 million in HUT stock with ownership of nearly 10.486% of the company’s market capitalization.
Positions in Hut 8 Mining Corp. stocks held by institutional investors increased at the end of Monday and at the time of the Monday reporting period, where 59 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 3,983,997 shares. Additionally, 48 investors decreased positions by around 5,473,167 shares, while 24 investors held positions by with 5,669,471 shares. The mentioned changes placed institutional holdings at 15,126,635 shares, according to the latest SEC report filing. HUT stock had 22 new institutional investments in for a total of 435,906 shares, while 20 institutional investors sold positions of 2,785,840 shares during the same period.