Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Hut 8 Mining Corp. (NASDAQ:HUT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Hut 8 Mining Corp. (NASDAQ:HUT – Get Rating) by 19.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,432 shares of the company’s stock after buying an additional 7,595 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hut 8 Mining were worth $40,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of Hut 8 Mining in the 1st quarter valued at $28,000. Valeo Financial Advisors LLC boosted its holdings in Hut 8 Mining by 63.5% during the third quarter. Valeo Financial Advisors LLC now owns 19,421 shares of the company’s stock worth $35,000 after buying an additional 7,540 shares in the last quarter. Requisite Capital Management LLC purchased a new stake in Hut 8 Mining during the third quarter worth $36,000. Citigroup Inc. boosted its holdings in Hut 8 Mining by 1,045.6% during the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after buying an additional 7,842 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC lifted its holdings in Hut 8 Mining by 38.9% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 58,740 shares of the company’s stock valued at $50,000 after purchasing an additional 16,455 shares in the last quarter. Hedge funds and other institutional investors own 8.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HUT shares. HC Wainwright decreased their price target on shares of Hut 8 Mining from $2.00 to $1.60 and set a “neutral” rating on the stock in a research note on Friday, March 10th. Canaccord Genuity Group cut their price objective on shares of Hut 8 Mining from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, March 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.65.

Hut 8 Mining Trading Up 3.6 %

Shares of HUT stock opened at $1.74 on Friday. Hut 8 Mining Corp. has a fifty-two week low of $0.78 and a fifty-two week high of $3.70. The company has a 50 day moving average price of $1.75 and a 200 day moving average price of $1.60. The company has a debt-to-equity ratio of 0.09, a quick ratio of 8.15 and a current ratio of 8.15. The stock has a market capitalization of $385.02 million, a P/E ratio of -1.93 and a beta of 4.27.

Hut 8 Mining (NASDAQ:HUT – Get Rating) last issued its quarterly earnings results on Thursday, March 9th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). Hut 8 Mining had a negative return on equity of 14.53% and a negative net margin of 150.95%. The firm had revenue of $16.08 million during the quarter, compared to analysts’ expectations of $19.77 million. Equities research analysts predict that Hut 8 Mining Corp. will post -0.39 EPS for the current fiscal year.

Hut 8 Mining Company Profile

(Get Rating)

Hut 8 Mining Corp. is a cryptocurrency mining and blockchain infrastructure company, which is focused solely on mining bitcoin. It provides investors with direct access to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. The company was founded by Andrew Kiguel on June 9, 2011 and is headquartered in Toronto, Canada.