Hut 8 Mining Corp. [HUT] gain 76.47% so far this year. What now?

Hut 8 Mining Corp. [NASDAQ: HUT] traded at a high on 03/13/23, posting a 19.05 gain after which it closed the day’ session at $1.50. The company report on March 13, 2023 that Hut 8 Provides Update on Business Combination with USBTC.

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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, is pleased to announce the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) with respect to the Company’s proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp. (“USBTC”) will combine in an all-stock merger of equals (the “Transaction”). The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Transaction.

Completion of the Transaction remains subject to the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions of the Transaction.

The results of the trading session contributed to over 18733464 shares changing hands. Over the past one week, the price volatility of Hut 8 Mining Corp. stands at 13.51% while the volatility over the past one month is 10.39%.

The market cap for HUT stock reached $460.25 million, with 207.81 million shares outstanding and 183.08 million shares in the current float. Compared to the average trading volume of 9.30M shares, HUT reached a trading volume of 18733464 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]?

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 3.05. The Price to Book ratio for the last quarter was 0.89, with the Price to Cash per share for the same quarter was set at 0.76.

How has HUT stock performed recently?

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 -4.46. With this latest performance, HUT shares dropped by -18.03% in over the last four-week period, additionally sinking by -36.17% over the last 6 months – not to mention a drop of -72.22% 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 44.77, with the RSI for the last a single of trading hit 44.45, and the three-weeks RSI is set at 46.42 for Hut 8 Mining Corp. [HUT]. The present Moving Average for the last 50 days of trading for this stock 1.6453, while it was recorded at 1.4040 for the last single week of trading, and 1.7820 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 -50.06 and a Gross Margin at -26.73. Hut 8 Mining Corp.’s Net Margin is presently recorded at -161.14.

Return on Equity for this stock declined to -52.94, with Return on Assets sitting at -42.84.

Hut 8 Mining Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.20 and a Current Ratio set at 8.20.

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

There are presently around $23 million, or 9.43% 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 $2.33 million in HUT stocks shares; and VAN ECK ASSOCIATES CORP, currently with $2.25 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 Thursday and at the time of the Thursday reporting period, where 58 institutional holders increased their position in Hut 8 Mining Corp. [NASDAQ:HUT] by around 3,982,997 shares. Additionally, 49 investors decreased positions by around 5,474,475 shares, while 24 investors held positions by with 5,667,855 shares. The mentioned changes placed institutional holdings at 15,125,327 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.


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