Is Hut 8 Mining Corp (NASDAQ: HUT) Stock Worth Investing In for High Returns?

In the last trading session, 5.71 million Hut 8 Mining Corp (NASDAQ:HUT) shares changed hands as the company’s beta touched 3.01. With the company’s per share price at $1.90 changed hands at $0.04 or 2.15% during last session, the market valuation stood at $421.21M. HUT’s last price was a discount, traded about -139.47% off its 52-week high of $4.55. The share price had its 52-week low at $0.78, which suggests the last value was 58.95% up since then. When we look at Hut 8 Mining Corp’s average trading volume, we note the 10-day average is 10.79 million shares, with the 3-month average coming to 9.20 million.

Analysts gave the Hut 8 Mining Corp (HUT) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.33. If we narrow down to specifics, the data shows that 0 out of 3 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 2 recommended HUT as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight.

Top 5 Artificial Intelligence Stocks to Buy for 2024

By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it. According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."

Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"


Hut 8 Mining Corp (NASDAQ:HUT) trade information

Instantly HUT was in green as seen at the end of in last trading. With action -12.44%, the performance over the past five days has been red. The jump to weekly highs of 2.1200 on Friday, 11/17/23 added 2.15% to the stock’s daily price. The company’s shares are showing year-to-date upside of 123.53%, with the 5-day performance at -12.44% in the red. However, in the 30-day time frame, Hut 8 Mining Corp (NASDAQ:HUT) is 6.15% up. Looking at the short shares, we see there were 26.04 million shares sold at short interest cover period of 2.57 days.

The consensus price target for the stock as assigned by Wall Street analysts is $2.58, meaning bulls need an upside of 26.36% from its current market value. According to analyst projections, HUT’s forecast low is $2.00 with $3.50 as the target high. To hit the forecast high, the stock’s price needs a -84.21% plunge from its current level, while the stock would need to soar -5.26% for it to hit the projected low.

Hut 8 Mining Corp (HUT) estimates and forecasts

Data shows that the Hut 8 Mining Corp share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -0.52% over the past 6 months, a 136.84% in annual growth rate that is considerably higher than the industry average of 12.00%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 9.00%. The 2023 estimates are for Hut 8 Mining Corp earnings to increase by 111.14%.

HUT Dividends

Hut 8 Mining Corp is expected to release its next quarterly earnings report on November 14.

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

If we look at who the major shareholders are, we find that insiders hold 0.75% of Hut 8 Mining Corp shares while 10.61% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 10.69%. There are 10.61% institutions holding the Hut 8 Mining Corp stock share, with State Street Corporation the top institutional holder. As of Sep 29, 2023, the company held 3.15% of the shares, roughly 6.97 million HUT shares worth $13.25 million.

Mirae Asset Global Investments Co., Ltd. holds the second largest percentage of outstanding shares, with 1.52% or 3.38 million shares worth $6.42 million as of Sep 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and Amplify Transformational Data Sharing ETF. With 6.97 million shares estimated at $13.25 million under it, the former controlled 3.15% of total outstanding shares. On the other hand, Amplify Transformational Data Sharing ETF held about 2.84% of the shares, roughly 6.3 million shares worth around $11.96 million.

On Key

Related Posts