Craig Hallum cut shares of Hut 8 Mining (NASDAQ:HUT – Get Rating) from a buy rating to a hold rating in a report released on Friday, Marketbeat Ratings reports. Craig Hallum currently has $2.00 target price on the stock, down from their previous target price of $5.00.
Separately, DA Davidson downgraded Hut 8 Mining from a buy rating to a neutral rating in a research note on Thursday, November 3rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $6.25.
Hut 8 Mining Stock Performance
Hut 8 Mining stock opened at $1.60 on Friday. The company has a current ratio of 10.61, a quick ratio of 10.61 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average of $1.97 and a 200-day moving average of $2.14. The stock has a market cap of $313.95 million, a P/E ratio of -2.08 and a beta of 3.87. Hut 8 Mining has a 52 week low of $1.27 and a 52 week high of $15.50.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the business. Wedbush Securities Inc. bought a new stake in shares of Hut 8 Mining during the 2nd quarter valued at about $25,000. Quantbot Technologies LP bought a new position in shares of Hut 8 Mining during the first quarter valued at approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Hut 8 Mining during the 2nd quarter worth approximately $28,000. Private Advisor Group LLC bought a new stake in shares of Hut 8 Mining in the 2nd quarter worth approximately $35,000. Finally, Valeo Financial Advisors LLC boosted its position in Hut 8 Mining by 63.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 19,421 shares of the company’s stock valued at $35,000 after purchasing an additional 7,540 shares during the period. 12.40% of the stock is currently owned by institutional investors.
Hut 8 Mining Company Profile
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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