Hut 8 Mining (NASDAQ:HUT – Get Rating)‘s stock had its “neutral” rating restated by investment analysts at HC Wainwright in a research note issued to investors on Friday, MarketBeat reports. They currently have a $1.50 target price on the stock. HC Wainwright’s target price points to a potential upside of 38.89% from the company’s previous close.
A number of other equities analysts have also weighed in on the company. DA Davidson lowered Hut 8 Mining from a “buy” rating to a “neutral” rating in a research note on Thursday, November 3rd. Craig Hallum downgraded Hut 8 Mining from a “buy” rating to a “hold” rating and dropped their target price for the stock from $5.00 to $2.00 in a report on Friday, November 11th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.38.
Hut 8 Mining Stock Performance
HUT opened at $1.08 on Friday. The company has a quick ratio of 9.57, a current ratio of 9.57 and a debt-to-equity ratio of 0.07. Hut 8 Mining has a 12-month low of $1.03 and a 12-month high of $9.75. The business has a 50 day moving average of $1.69 and a 200-day moving average of $1.91. The stock has a market cap of $211.92 million, a price-to-earnings ratio of -1.40 and a beta of 3.19.
Institutional Trading of Hut 8 Mining
Several large investors have recently modified their holdings of the stock. Almanack Investment Partners LLC. lifted its position in Hut 8 Mining by 100.9% during the third quarter. Almanack Investment Partners LLC. now owns 31,828 shares of the company’s stock worth $58,000 after purchasing an additional 15,984 shares during the period. Requisite Capital Management LLC acquired a new stake in shares of Hut 8 Mining during the 3rd quarter worth approximately $36,000. State Street Corp increased its stake in Hut 8 Mining by 3.4% in the third quarter. State Street Corp now owns 630,724 shares of the company’s stock valued at $1,123,000 after acquiring an additional 20,805 shares during the last quarter. Pinpoint Asset Management Ltd bought a new position in Hut 8 Mining in the third quarter valued at approximately $2,956,000. Finally, First Trust Advisors LP raised its position in Hut 8 Mining by 18.1% during the third quarter. First Trust Advisors LP now owns 495,393 shares of the company’s stock valued at $882,000 after purchasing an additional 75,904 shares in the last quarter. 12.40% of the stock is owned by institutional investors and hedge funds.
Hut 8 Mining Company Profile
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, Alberta. Hut 8 Mining Corp. was incorporated in 2011 and is headquartered in Toronto, Canada.
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