Hut 8 Corp [HUT] stock Downgrade by H.C. Wainwright analyst, price target now $5.50

Hut 8 Corp [NASDAQ: HUT] traded at a low on Thursday, posting a -5.38 loss after which it closed the day’ session at $8.27. The company report on February 15, 2024 at 5:12 PM that Hut 8 completes transaction to acquire four power generation facilities totaling 310 MW in partnership with Macquarie.

“We have developed a deep partnership with Macquarie throughout this process and are actively working with them on a plan to generate a return on our ownership interest in these assets in the near term,” said Hut 8 CEO Asher Genoot. “We are evaluating a range of strategic options for these assets and look forward to sharing updates as they materialize.”.

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The results of the trading session contributed to over 5069766 shares changing hands. Over the past one week, the price volatility of Hut 8 Corp stands at 10.51% while the volatility over the past one month is 10.10%.

The market cap for HUT stock reached $735.70 million, with 88.96 million shares outstanding and 88.65 million shares in the current float. Compared to the average trading volume of 6.82M shares, HUT reached a trading volume of 5069766 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 Corp [HUT]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for HUT shares is $8.15 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on HUT stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

H.C. Wainwright have made an estimate for Hut 8 Corp shares, keeping their opinion on the stock as Sell, with their previous recommendation back on February 06, 2024. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Neutral. The new note on the price target was released on December 09, 2022, representing the official price target for Hut 8 Corp stock. Previously, the target price had yet another drop from $5 to $2, while Craig Hallum kept a Hold rating on HUT stock.

The Average True Range (ATR) for Hut 8 Corp is set at 1.03, with the Price to Sales ratio for HUT stock in the period of the last 12 months amounting to 12.89. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 3.02. Price to Free Cash Flow for HUT in the course of the last twelve months was 61.26 with Quick ratio for the last quarter at 4.61.

How has HUT stock performed recently?

Hut 8 Corp [HUT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -19.16. With this latest performance, HUT shares gained by 30.65% in over the last four-week period, additionally sinking by -28.71% over the last 6 months – not to mention a drop of -9.12% 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 46.01, with the RSI for the last a single of trading hit 44.92, and the three-weeks RSI is set at 46.18 for Hut 8 Corp [HUT]. The present Moving Average for the last 50 days of trading for this stock 9.95, while it was recorded at 9.30 for the last single week of trading, and 11.53 for the last 200 days.

Hut 8 Corp [HUT]: Deeper insight into the fundamentals

Hut 8 Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.61 and a Current Ratio set at 4.61.

Earnings analysis for Hut 8 Corp [HUT]

With the latest financial reports released by the company, Hut 8 Corp posted -4.5/share EPS, while the average EPS was predicted by analysts to be reported at -0.7/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -542.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for HUT.

Insider trade positions for Hut 8 Corp [HUT]

The top three institutional holders of HUT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in HUT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in HUT stock with ownership which is approximately 5.8325%.