In today’s recent session, 2.25 million shares of the Hut 8 Corp (NASDAQ:HUT) have been traded, and its beta is 2.96. Most recently the company’s share price was $9.37, and it changed around -$1.45 or -13.41% from the last close, which brings the market valuation of the company to $833.45M. HUT at last check was trading at a discount to its 52-week high of $22.75, offering almost -142.8% off that amount. The share price’s 52-week low was $6.18, which indicates that the recent value has risen by an impressive 34.04% since then. We note from Hut 8 Corp’s average daily trading volume that its 10-day average is 5.39 million shares, with the 3-month average coming to 5.76 million.
Hut 8 Corp (NASDAQ:HUT) trade information
Instantly HUT has been showing red trend so far today with a performance of -13.41% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently down -29.77% year-to-date, but still down -0.33% over the last five days. On the other hand, Hut 8 Corp (NASDAQ:HUT) is 5.03% up in the 30-day period. We can see from the shorts that 9.56 million shares have been sold at a short interest cover period of 1.9 day(s).
The consensus price target as assigned by Wall Street analysts is $10.5, which translates to bulls needing to increase their stock price by 10.76% from its current value. Analyst projections state that HUT is forecast to be at a low of $9 and a high of $12.
Hut 8 Corp (HUT) estimates and forecasts
Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 94.40% in revenue this quarter, and will report a decrease of -114.90% in the next quarter. The year-over-year growth rate is expected to be -39.60%, down from the previous year.
Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $23.66 million in revenue for the current quarter. 2 analysts expect Hut 8 Corp to make $25.62 million in revenue for the quarter ending Mar 2024. The company’s sales for the same quarters a year ago were $21.83 million and $21.2 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 8.40%. Forecasts for the next quarter put sales growth at 20.80%.
Hut 8 Corp (NASDAQ:HUT)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 57.38% of Hut 8 Corp shares, and 10.65% of them are in the hands of institutional investors. The stock currently has a share float of 24.99%. Hut 8 Corp stock is held by 162 institutions, with State Street Corporation being the largest institutional investor. By Jun 29, 2023, it held 3.09% of the shares, which is about 6.86 million shares worth $22.63 million.
Mirae Asset Global Investments Co., Ltd., with 1.57% or 3.47 million shares worth $11.46 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.
SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and Amplify Transformational Data Sharing ETF were the top two Mutual Funds as of Aug 30, 2023. The former held 6.91 million shares worth $16.8 million, making up 3.12% of all outstanding shares. On the other hand, Amplify Transformational Data Sharing ETF held roughly 6.3 million shares worth around $22.41 million, which represents about 2.84% of the total shares outstanding.
