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Year-To-Date, Hut 8 Mining Corp. (NASDAQ: HUT) Price Has Increase 116.47%. Does Trouble Ahead?

During the last session, Hut 8 Mining Corp. (NASDAQ:HUT)’s traded shares were 3.49 million, with the beta value of the company hitting 3.38. At the end of the trading day, the stock’s price was $1.84, reflecting an intraday loss of -1.60% or -$0.03. The 52-week high for the HUT share is $3.70, that puts it down -101.09 from that peak though still a striking 57.61% gain since the share price plummeted to a 52-week low of $0.78. The company’s market capitalization is $558.46M, and the average intraday trading volume over the past 10 days was 6.21 million shares, and the average trade volume was 9.94 million shares over the past three months.

Hut 8 Mining Corp. (NASDAQ:HUT) trade information

Hut 8 Mining Corp. (HUT) registered a -1.60% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -1.60% in intraday trading to $1.84 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -5.64%, and it has moved by 5.75% in 30 days. Based on these gigs, the overall price performance for the year is -17.86%. The short interest in Hut 8 Mining Corp. (NASDAQ:HUT) is 13.59 million shares and it means that shorts have 1.67 day(s) to cover.

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The consensus price target of analysts on Wall Street is $2.03, which implies an increase of 9.36% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $1.50 and $3.00 respectively. As a result, HUT is trading at a discount of -63.04% off the target high and 18.48% off the low.

Hut 8 Mining Corp. (HUT) estimates and forecasts

Statistics show that Hut 8 Mining Corp. has outperformed its competitors in share price, compared to the industry in which it operates. Hut 8 Mining Corp. (HUT) shares have gone up 59.31% during the last six months, with a year-to-date growth rate more than the industry average at 50.00% against 19.20.

While earnings are projected to return -138.60% in 2023.

HUT Dividends

Hut 8 Mining Corp. is due to release its next quarterly earnings between August 09 and August 14. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Hut 8 Mining Corp. (NASDAQ:HUT)’s Major holders

Hut 8 Mining Corp. insiders own 5.84% of total outstanding shares while institutional holders control 9.72%, with the float percentage being 10.32%. State Street Corporation is the largest shareholder of the company, while 162 institutions own stock in it. As of Mar 30, 2023, the company held over 1.6 million shares (or 0.73% of all shares), a total value of $2.97 million in shares.

The next largest institutional holding, with 1.61 million shares, is of Van Eck Associates Corporation’s that is approximately 0.73% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $2.97 million.

Also, the Mutual Funds coming in first place with the largest holdings of Hut 8 Mining Corp. (HUT) shares are Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF. Data provided on Jan 30, 2023 indicates that Amplify Transformational Data Sharing ETF owns about 6.49 million shares. This amounts to just over 2.93 percent of the company’s overall shares, with a $12.52 million market value. The same data shows that the other fund manager holds slightly less at 1.6 million, or about 0.73% of the stock, which is worth about $2.97 million.

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