Hut 8 Mining Corp. (NASDAQ:HUT) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -3.11% to the previous day’s close as strong demand from buyers drove the stock to $1.87.
Actively observing the price movement in the last trading, the stock closed the session at $1.93, falling within a range of $1.81 and $1.9099. The value of beta (5-year monthly) was 3.36. Referring to stock’s 52-week performance, its high was $3.70, and the low was $0.78. On the whole, HUT has fluctuated by 10.00% over the past month.
25-cent Stock Takes $11T Commodities Sector Digital
One brilliantly-run technology firm has successfully partnered with some of the largest players in the industry to bring a first-of-its-kind digital solution to the global commodities supply chain sector. Best of all, this upstart technology firm is currently trading undiscovered — below 25-cents per share — so very, very few investors know about it yet! For investors… it's an early-stage opportunity in a company that's bringing the US$11T global commodities sector straight into the 21st century.
All the details are in the FREE online report you can get here.
With the market capitalization of Hut 8 Mining Corp. currently standing at about $567.56 million, investors are eagerly awaiting this quarter’s results, scheduled for Aug 09, 2023 – Aug 14, 2023.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that HUT’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
3 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 2 analyst(s), 1 recommend it as a Buy and 0 called the HUT stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of HUT currently trading nearly 2.69% and 2.87% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 51.50, while the 7-day volatility ratio is showing 6.68% which for the 30-day chart, stands at 6.79%. Furthermore, Hut 8 Mining Corp. (HUT)’s beta value is 3.38, and its average true range (ATR) is 0.14. The company’s stock has been forecasted to trade at an average price of $2.03 over the course of the next 52 weeks, with a low of $1.50 and a high of $3.00. Based on these price targets, the low is 19.79% off current price, whereas the price has to move -60.43% to reach the yearly target high. Additionally, analysts’ median price of $1.60 is likely to be welcomed by investors because it represents an increase of 14.44% from the current levels.
Data on historical trading for Hut 8 Mining Corp. (NASDAQ:HUT) indicates that the trading volumes over the past 10 days have averaged 6.71 million and over the past 3 months, they’ve averaged 10.01 million. According to company’s latest data on outstanding shares, there are 220.96 million shares outstanding.
Nearly 5.84% of Hut 8 Mining Corp.’s shares belong to company insiders and institutional investors own 9.72% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 14.63 million shares as on Apr 27, 2023, resulting in a short ratio of 1.41. According to the data, the short interest in Hut 8 Mining Corp. (HUT) stood at 6.62% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 14.95 million. The stock has risen by 120.00% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the HUT stock heading into the next quarter.