The stock of Hut 8 Corp (NASDAQ: HUT) has increased by 11.97 when compared to last closing price of 9.86. Despite this, the company has experienced a 24.32% gain in its stock price over the last five trading sessions. InvestorPlace reported 2024-03-29 that Crypto miners are expected to take a hit to their earnings after the Bitcoin ( BTC-USD ) halving event is completed in April this year. Crypto miners get rewarded with newly minted bitcoin for contributing computing power to validate transactions on the blockchain network.
Is It Worth Investing in Hut 8 Corp (NASDAQ: HUT) Right Now?
Additionally, the 36-month beta value for HUT is 3.05. There are mixed opinions on the stock, with 0 analysts rating it as a “buy,” 0 rating it as “overweight,” 0 rating it as “hold,” and 0 rating it as “sell.”
The public float for HUT is 88.65M and currently, short sellers hold a 10.78% ratio of that float. The average trading volume of HUT on April 01, 2024 was 5.96M shares.
HUT’s Market Performance
HUT’s stock has seen a 24.32% increase for the week, with a 26.46% rise in the past month and a -39.09% fall in the past quarter. The volatility ratio for the week is 10.55%, and the volatility levels for the past 30 days are at 10.39% for Hut 8 Corp The simple moving average for the last 20 days is 33.66% for HUT stock, with a simple moving average of -2.93% for the last 200 days.
Analysts’ Opinion of HUT
Many brokerage firms have already submitted their reports for HUT stocks, with Needham repeating the rating for HUT by listing it as a “Buy.” The predicted price for HUT in the upcoming period, according to Needham is $12 based on the research report published on March 18, 2024 of the current year 2024.
H.C. Wainwright, on the other hand, stated in their research note that they expect to see HUT reach a price target of $5.50. The rating they have provided for HUT stocks is “Sell” according to the report published on February 06th, 2024.
H.C. Wainwright gave a rating of “Neutral” to HUT, setting the target price at $1.50 in the report published on December 09th of the previous year.
HUT Trading at 35.30% from the 50-Day Moving Average
After a stumble in the market that brought HUT to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -51.47% of loss for the given period.
Volatility was left at 10.39%, however, over the last 30 days, the volatility rate increased by 10.55%, as shares surge +30.04% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +18.97% upper at present.
During the last 5 trading sessions, HUT rose by +24.32%, which changed the moving average for the period of 200-days by +10.40% in comparison to the 20-day moving average, which settled at $8.39. In addition, Hut 8 Corp saw -17.24% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at HUT starting from Leverton Jaime, who sale 35,761 shares at the price of $10.10 back on Jan 12 ’24. After this action, Leverton Jaime now owns 269,415 shares of Hut 8 Corp, valued at $361,261 using the latest closing price.
Leverton Jaime, the Chief Executive Officer of Hut 8 Corp, sale 98,724 shares at $14.21 during a trade that took place back on Dec 22 ’23, which means that Leverton Jaime is holding 238,509 shares at $1,402,957 based on the most recent closing price.
Stock Fundamentals for HUT
Current profitability levels for the company are sitting at:
- 0.7 for the present operating margin
- -0.29 for the gross margin
The net margin for Hut 8 Corp stands at -3.11. The total capital return value is set at 0.34. Equity return is now at value -33.54, with -28.25 for asset returns.
Based on Hut 8 Corp (HUT), the company’s capital structure generated 0.86 points at debt to capital in total, while cash flow to debt ratio is standing at -0.21. The debt to equity ratio resting at 6.14. The interest coverage ratio of the stock is 5.43.
Currently, EBITDA for the company is 3.57 million with net debt to EBITDA at 1.14. When we switch over and look at the enterprise to sales, we see a ratio of 17.72. The receivables turnover for the company is 178.47for trailing twelve months and the total asset turnover is 0.46. The liquidity ratio also appears to be rather interesting for investors as it stands at 4.61.
Conclusion
In conclusion, Hut 8 Corp (HUT) has seen mixed performance in recent times. Analysts have a mixed opinion on the stock, with some rating it as a “buy” and others rating it as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
