Hut 8 Mining (NYSE:HUT) Trading Down 7.8%

Hut 8 Mining Corp. (NYSE:HUT)’s stock price was down 7.8% during trading on Tuesday . The company traded as low as $7.99 and last traded at $8.02. Approximately 140,773 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 3,285,559 shares. The stock had previously closed at $8.70.

A number of research analysts have recently commented on HUT shares. Craig Hallum started coverage on Hut 8 Mining in a research note on Tuesday, August 3rd. They set a “buy” rating and a $10.00 target price on the stock. Zacks Investment Research lowered shares of Hut 8 Mining from a “buy” rating to a “hold” rating in a research note on Friday, August 20th. Finally, Canaccord Genuity started coverage on shares of Hut 8 Mining in a research note on Thursday, September 23rd. They set a “buy” rating and a $12.00 price target on the stock.

The company has a 50 day moving average of $7.14.

Hut 8 Mining (NYSE:HUT) last released 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 business had revenue of $27.31 million for the quarter, compared to analysts’ expectations of $22.60 million. On average, research analysts predict that Hut 8 Mining Corp. will post 0.35 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wedbush Securities Inc. bought a new stake in Hut 8 Mining in the 2nd quarter valued at $51,000. Royal Bank of Canada bought a new stake in Hut 8 Mining in the 2nd quarter valued at $69,000. Paloma Partners Management Co acquired a new position in shares of Hut 8 Mining in the 2nd quarter valued at $70,000. Creative Planning acquired a new position in shares of Hut 8 Mining in the 2nd quarter valued at $71,000. Finally, Toroso Investments LLC acquired a new position in shares of Hut 8 Mining in the 2nd quarter valued at $91,000. 7.48% of the stock is owned by institutional investors and hedge funds.

Hut 8 Mining Company Profile (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.

Further Reading: Average Daily Trade Volume Explained

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