DA Davidson Lowers Hut 8 Mining (NASDAQ:HUT) to Neutral

DA Davidson lowered shares of Hut 8 Mining (NASDAQ:HUTGet Rating) from a buy rating to a neutral rating in a report released on Thursday, PriceTargets.com reports.

Hut 8 Mining Stock Up 8.0 %

HUT stock opened at $2.17 on Thursday. Hut 8 Mining has a one year low of $1.27 and a one year high of $16.57. The stock has a market capitalization of $425.80 million, a PE ratio of -3.88 and a beta of 3.87. The company has a debt-to-equity ratio of 0.07, a quick ratio of 10.61 and a current ratio of 10.61. The company has a fifty day moving average of $1.98 and a 200-day moving average of $2.23.

Hut 8 Mining (NASDAQ:HUTGet Rating) last announced its earnings results on Thursday, August 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.16). The business had revenue of $34.36 million for the quarter, compared to analyst estimates of $41.77 million. Hut 8 Mining had a positive return on equity of 2.24% and a negative net margin of 58.30%. As a group, analysts expect that Hut 8 Mining will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Hut 8 Mining

Large investors have recently modified their holdings of the stock. Capital Asset Advisory Services LLC increased its stake in shares of Hut 8 Mining by 11.7% during the first quarter. Capital Asset Advisory Services LLC now owns 29,091 shares of the company’s stock valued at $161,000 after acquiring an additional 3,050 shares during the period. Quantbot Technologies LP bought a new stake in Hut 8 Mining during the first quarter worth approximately $28,000. HighTower Advisors LLC boosted its stake in Hut 8 Mining by 10.6% in the 1st quarter. HighTower Advisors LLC now owns 58,146 shares of the company’s stock worth $324,000 after purchasing an additional 5,556 shares during the period. Credit Suisse AG boosted its stake in Hut 8 Mining by 5.9% in the 2nd quarter. Credit Suisse AG now owns 128,570 shares of the company’s stock worth $172,000 after purchasing an additional 7,217 shares during the period. Finally, Valeo Financial Advisors LLC boosted its stake in Hut 8 Mining by 63.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 19,421 shares of the company’s stock worth $35,000 after purchasing an additional 7,540 shares during the period. Institutional investors own 12.40% of the company’s stock.

Hut 8 Mining Company Profile

(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.

Further Reading

Receive News & Ratings for Hut 8 Mining Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hut 8 Mining and related companies with MarketBeat.com's FREE daily email newsletter.