Hut 8 Mining (NYSE:HUT) Sees Large Volume Increase

Hut 8 Mining Corp. (NYSE:HUT) saw strong trading volume on Monday . 110,904 shares traded hands during trading, a decline of 96% from the previous session’s volume of 2,790,126 shares.The stock last traded at $10.01 and had previously closed at $9.77.

A number of analysts have recently issued reports on the company. Craig Hallum assumed coverage on Hut 8 Mining in a research report on Tuesday, August 3rd. They set a “buy” rating and a $10.00 target price on the stock. Zacks Investment Research lowered Hut 8 Mining from a “buy” rating to a “hold” rating in a research report on Friday, August 20th.

The stock’s fifty day moving average price is $6.40.

Hut 8 Mining (NYSE:HUT) last announced its quarterly earnings data on Thursday, August 12th. The company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.10). The company had revenue of $27.31 million during the quarter, compared to analysts’ expectations of $22.60 million. As a group, research analysts anticipate that Hut 8 Mining Corp. will post 0.49 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Wedbush Securities Inc. acquired a new position in Hut 8 Mining in the second quarter valued at approximately $51,000. Royal Bank of Canada acquired a new position in Hut 8 Mining in the second quarter valued at approximately $69,000. Paloma Partners Management Co acquired a new position in shares of Hut 8 Mining during the second quarter worth approximately $70,000. Creative Planning acquired a new position in shares of Hut 8 Mining during the second quarter worth approximately $71,000. Finally, Toroso Investments LLC acquired a new position in shares of Hut 8 Mining during the second quarter worth approximately $91,000. Institutional investors own 7.48% of the company’s stock.

About Hut 8 Mining (NYSE:HUT)

Hut 8 Mining Corp. is a cryptocurrency mining and blockchain infrastructure company, which is focused solely on mining bitcoin. It provides investors with direct access to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. The company was founded by Andrew Kiguel on June 9, 2011 and is headquartered in Toronto, Canada.

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