Hut 8 Corp (NASDAQ:HUT) price on Friday, October 25, fall -2.65% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $14.90.
A look at the stock’s price movement, the close in the last trading session was $15.31, moving within a range at $14.54 and $15.747. The PE ratio in trailing twelve months stood at 13.56. Turning to its 52-week performance, $21.10 and $6.18 were the 52-week high and 52-week low respectively. Overall, HUT moved 17.97% over the past month.
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Hut 8 Corp’s market cap currently stands at around $1.36 billion, with investors looking forward to this quarter’s earnings report slated for in November.
Analysts have a consensus estimate of 55.64M for the company’s revenue for the quarter, with a low and high estimate of 47.16M and 70.65M respectively. The average forecast suggests up to a 226.40% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 232.9M, representing a 145.10% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that HUT is a 50% Buy. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
12 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 2 analyst(s) rate the stock as a Hold, 9 recommend HUT as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 1 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
HUT’s current price about 16.09% and 26.13% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 63.82, while 7-day volatility ratio is 8.87% and 7.61% in the 30-day chart. Further, Hut 8 Corp (HUT) has a beta value of 3.38, and an average true range (ATR) of 1.05. Analysts have given the company’s stock an average 52-week price target of $14, forecast between a low of $8 and high of $22. Looking at the price targets, the low is 46.31% off current price level while to achieve the yearly target high, price needs to move -47.65%. Nonetheless, investors will most likely welcome a 6.04% jump to $14 which is the analysts’ median price.
If we refocus on Hut 8 Corp (NASDAQ:HUT), historical trading data shows that trading volumes averaged 5.23 over the past 10 days and 4.29 million over the past 3 months. The company’s latest data on shares outstanding shows there are 88.96 million shares.
The 11.32% of Hut 8 Corp’s shares are in the hands of company insiders while institutional holders own 56.19% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 15.8 million on 2024-09-30, giving us a short ratio of 3.86. The data shows that as of 2024-09-30 short interest in Hut 8 Corp (HUT) stood at 1879.0000000000002 of shares outstanding, with shares short rising to 15.3 million registered in 2024-08-30. Current price change has pushed the stock 11.69% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the HUT stock continues to rise going into the next quarter.
