Hut 8 Mining Corp. (NASDAQ:HUT) finished Thursday with a subtraction of -$0.22 to close at $2.26, a downside of -8.87 percent. An average of 7,483,200 shares of common stock have been traded in the last five days. There was a fall of -$0.16 in the past week, and it reached a new high 18 times over the past 12 months. The last 20 days have seen an average of 8,954,290 shares traded, while the 50-day average volume stands at 13,441,262.
HUT stock has decreased by -36.87% in the last month. The company shares reached their 1-month lowest point of $2.25 on 08/24/23. With the stock rallying to its 52-week high on 07/14/23, shares of the company touched a low of $0.78 and a high of $4.55 in 52 weeks. It has reached a new high 27 times so far this year and achieved 165.88% or $1.41 in price. In spite of this, the price is down -50.33% from the 52-week high.
Valuation Metrics
Hut 8 Mining Corp. (HUT) stock’s beta is 3.08. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 7.49, the price-to-book (PB) ratio at 1.06.
Financial Health
The quick ratio of Hut 8 Mining Corp. for the recent quarter was 7.00, and the current ratio was 7.00, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.06 and a total debt to equity ratio of 0.14 for the recent quarter. Hut 8 Mining Corp.’s EBITDA margin is 12.67%. Its gross profit as reported stood at -$19.2 million compared to revenue of $115.91 million.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Hut 8 Mining Corp.’s return on assets was -22.90%.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Hut 8 Mining Corp. (HUT) price momentum. RSI 9-day as of the close on 24 August was 26.19%, suggesting the stock is oversold, with historical volatility in this time frame at 64.88%.
As of today, HUT’s price is $2.37 -6.61% or -$0.16 from its 5-day moving average. HUT is currently trading -31.52% lower than its 20-day SMA and +22.16% higher than its 100-day SMA. However, the stock’s current price level is +7.11% above the SMA50 and +4.15% above the SMA200.
The stochastic %K and %D were 9.39% and 10.76%, respectively, and the average true range (ATR) was 0.22. With the 14-day stochastic at 0.91% and the average true range at 0.23, the RSI (14) stands at 31.45%. The stock has reached -0.12 on the 9-day MACD Oscillator while the 14-day reading was at -0.33.
Analyst Ratings
The consensus rating for Hut 8 Mining Corp. (HUT) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell HUT, while 2 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 1 others rate it as a “buy”.
What is HUT’s price target for the next 12 months?
Analysts predict a range of price targets between $2.60 and $2.75, with a median target of $2.75. Taking a look at these predictions, the average price target given by analysts for Hut 8 Mining Corp. (HUT) stock is $2.70.
