Hut 8 Mining Corp. (NASDAQ: HUT) stock jumped 3.13% on Monday to $1.98 against a previous-day closing price of $1.92. With 17.86 million shares changed hands, the volume of the stock remained heavier than its average volume of 7.71 million shares. During the session, the Capital Markets company that operates in wider Financial sector, reached to the highest price of $2.1200 whereas the lowest price it dropped to was $1.8650. The 52-week range on HUT shows that it touched its highest point at $8.34 and its lowest point at $0.78 during that stretch. Beta for the stock currently stands at 3.13.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of HUT was up-trending over the past week, with a rise of 25.32%, but this was up by 126.93% over a month. Three-month performance surged to 7.61% while six-month performance fell -3.88%. The stock lost -68.22% in the past year, while it has gained 132.94% so far this year. A look at the trailing 12-month EPS for HUT yields -1.20 with Next year EPS estimates of -0.47.
Float and Shares Shorts:
At present, 194.53 million HUT shares are outstanding with a float of 183.08 million shares on hand for trading. On Oct 13, 2022, short shares totaled 15.26 million, which was 7.85% higher than short shares on Sep 14, 2022. In addition to Ms. Jaime Leverton as the firm’s CEO & Director, Mr. Shane Downey serves as its Chief Financial Officer.
Through their ownership of 14.98% of HUT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold — of HUT, in contrast to — held by mutual funds. Shares owned by individuals account for –. With a 2.50% stake in HUT, the Amplify Transformational Data Sha is the largest stakeholder. A total of 4,909,989 shares are owned by the mutual fund manager. The Bitwise Crypto Industry Innovator, which owns about 0.81% of HUT stock, is the second-largest Mutual Fund holder. It holds 1,591,531 shares valued at 1.35 million. SPDR S&P Kensho New Economies Com holds 0.79% of the stake in HUT, owning 1,553,439 shares worth 1.32 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for HUT since 5 analysts follow the stock currently. There are 3 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 2 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With HUT analysts setting a high price target of $6.00 and a low target of $1.50, the average target price over the next 12 months is $3.19. Based on these targets, HUT could surge 203.03% to reach the target high and fall by -24.24% to reach the target low. Reaching the average price target will result in a growth of 61.11% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. HUT will report FY 2022 earnings on 03/14/2024. Analysts have provided yearly estimates in a range of $0.05 being high and -$0.35 being low. For HUT, this leads to a yearly average estimate of -$0.20. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Hut 8 Mining Corp. surprised analysts by -$0.04 when it reported -$0.09 EPS against a consensus estimate of -$0.05. The surprise factor in the prior quarter was -$0.40. Based on analyst estimates, the high estimate for the next quarter is -$0.09 and the low estimate is -$0.12. The average estimate for the next quarter is thus -$0.10.
Summary of Insider Activity:
Insiders traded HUT stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 44,562 shares were bought while 0 shares were sold. The number of buy transactions has increased to 9 while that of sell transactions has risen to 5 over the past year. The total number of shares bought during that period was 1,411,215 while 171,666 shares were sold.