Hut 8 Mining (NYSE:HUT) Shares Gap Down to $10.37

Hut 8 Mining Corp. (NYSE:HUT) gapped down before the market opened on Wednesday . The stock had previously closed at $10.37, but opened at $9.29. Hut 8 Mining shares last traded at $8.98, with a volume of 378,839 shares traded.

Several research firms have commented on HUT. Zacks Investment Research lowered Hut 8 Mining from a “buy” rating to a “hold” rating in a research report on Friday, August 20th. Craig Hallum began coverage on Hut 8 Mining in a research report on Tuesday, August 3rd. They set a “buy” rating and a $10.00 price target on the stock.

The company’s fifty day moving average price is $6.40.

Hut 8 Mining (NYSE:HUT) last posted its earnings results on Thursday, August 12th. The company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.10). The business had revenue of $27.31 million for the quarter, compared to analysts’ expectations of $22.60 million. On average, research analysts predict that Hut 8 Mining Corp. will post 0.49 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wedbush Securities Inc. purchased a new stake in Hut 8 Mining in the second quarter valued at approximately $51,000. Royal Bank of Canada purchased a new stake in Hut 8 Mining in the second quarter valued at approximately $69,000. Paloma Partners Management Co purchased a new stake in Hut 8 Mining in the second quarter valued at approximately $70,000. Creative Planning purchased a new stake in Hut 8 Mining in the second quarter valued at approximately $71,000. Finally, Toroso Investments LLC purchased a new stake in Hut 8 Mining in the second quarter valued at approximately $91,000. Institutional investors and hedge funds own 7.48% of the company’s stock.

Hut 8 Mining Company Profile (NYSE:HUT)

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.

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