As of Thursday close, Hut 8 Mining Corp.’s (NASDAQ:HUT) stock was down -$0.21, moving down -7.95 percent to $2.43. The average number of shares traded per day over the past five days has been 8,956,740 shares. 3 times new highs have been achieved over the past 5 days, with a $0.17 gain in that time frame. In the last twenty days, the average volume was 8,916,120, while in the previous 50 days, it was 12,546,304.
Since last month, HUT stock retreated -25.69%. Shares of the company fell to $2.17 on 08/25/23, the lowest level in the past month. A 52-week high of $4.55 was reached on 07/14/23 after having rallying from a 52-week low of $0.78. Since the beginning of this year, HUT’s stock price has risen by 185.88% or $1.58, and marked a new high 27 times. However, the stock has declined by -46.59% since its 52-week high.
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Valuation Metrics
The stock’s beta is 3.06. Besides these, the trailing price-to-sales (P/S) ratio of 7.89, the price-to-book (PB) ratio of 1.14.
Financial Health
In the recent quarter, Hut 8 Mining Corp.’s quick ratio stood at 7.00, while its current ratio was 7.00, showing that the company is able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the recent quarter was 0.06, and the total debt-to-equity ratio was 0.14. On the profitability front, the trailing twelve-month gross margin is -52.80% percent. Based on annual data, HUT earned -$19.2 million in gross profit and brought in $115.91 million in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was -49.90%. Return on equity (ROE) for the past 12 months was -26.50%.
According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. During the quarter, the company generated -$5.96 million in EBITDA. The liabilities of Hut 8 Mining Corp. were 64.25 million at the end of its most recent quarter, and its total debt was $64.1 million.
Technical Picture
This quick technical analysis looks at Hut 8 Mining Corp.’s (HUT) price momentum. With a historical volatility rate of 111.86%, the RSI 9-day stood at 41.15% on 31 August.
With respect to its five-day moving average, the current Hut 8 Mining Corp. price is up by +7.52% percent or $0.17. At present, HUT shares trade -25.23% below its 20-day simple moving average and +32.07% percent above its 100-day simple moving average. However, the stock is currently trading approximately -11.96% below its SMA50 and +51.88% above its SMA200.
Stochastic coefficient K was 44.45% and Stochastic coefficient D was 33.59%, while ATR was 0.22. Given the Stochastic reading of 37.14% for the 14-day period, the RSI (14) reading has been calculated as 40.59%. As of today, the MACD Oscillator reading stands at 0.16, while the 14-day reading stands at 0.11.
Analyst Ratings
Hut 8 Mining Corp. (HUT) has been rated Overweight by analysts. According to 0 brokerage firms, HUT is a sell, and 2 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Hut 8 Mining Corp. stock as buy, with 1 recommending it as overweight.
With a median target price of $2.75, the current consensus forecast for the stock is $2.60 – $2.75. Based on these forecasts, analysts predict Hut 8 Mining Corp. (HUT) will achieve an average price target of $2.70.
