Hut 8 Mining (NASDAQ:HUT) PT Lowered to $6.00

Hut 8 Mining (NASDAQ:HUTGet Rating) had its target price decreased by Canaccord Genuity Group from $12.00 to $6.00 in a research report sent to investors on Friday, The Fly reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on HUT. Zacks Investment Research cut Hut 8 Mining from a hold rating to a sell rating in a report on Friday, March 18th. Canaccord Genuity Group cut their price objective on Hut 8 Mining from $20.00 to $12.00 and set a buy rating for the company in a report on Tuesday, March 22nd. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Hut 8 Mining has an average rating of Buy and a consensus price target of $12.80.

Shares of NASDAQ HUT opened at $2.44 on Friday. The stock has a market cap of $425.88 million and a PE ratio of -7.63. The business has a fifty day moving average of $4.66 and a two-hundred day moving average of $7.36. Hut 8 Mining has a 52-week low of $2.25 and a 52-week high of $16.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 17.96 and a current ratio of 17.96.

Hut 8 Mining (NASDAQ:HUTGet Rating) last issued its quarterly earnings data on Thursday, March 17th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.14). The company had revenue of $45.94 million for the quarter, compared to the consensus estimate of $43.16 million. Hut 8 Mining had a negative net margin of 42.38% and a positive return on equity of 5.80%. Analysts predict that Hut 8 Mining will post 0.54 earnings per share for the current year.

Large investors have recently made changes to their positions in the company. Allworth Financial LP acquired a new stake in Hut 8 Mining in the fourth quarter worth about $31,000. Lazard Asset Management LLC acquired a new stake in Hut 8 Mining in the fourth quarter worth about $35,000. Fifth Third Bancorp acquired a new stake in Hut 8 Mining in the fourth quarter worth about $39,000. Citigroup Inc. increased its position in Hut 8 Mining by 1,045.6% in the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after purchasing an additional 7,842 shares during the period. Finally, Syquant Capital Sas acquired a new stake in Hut 8 Mining in the fourth quarter worth about $50,000. Institutional investors own 15.28% of the company’s stock.

About Hut 8 Mining (Get Rating)

Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, Alberta. Hut 8 Mining Corp. was incorporated in 2011 and is headquartered in Toronto, Canada.

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