Hut 8 Mining (NASDAQ:HUT) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Hut 8 Mining (NASDAQ:HUT) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Hut 8 Mining Corp. is a focused digital asset miners. Hut 8 Mining Corp. is based in TORONTO. “

Several other brokerages also recently weighed in on HUT. upped their price target on Hut 8 Mining from $12.00 to $20.00 and gave the stock a buy rating in a report on Friday, November 12th. HC Wainwright increased their price objective on Hut 8 Mining from $11.00 to $19.00 and gave the company a buy rating in a report on Friday, November 12th.

Shares of NASDAQ HUT opened at $6.62 on Wednesday. The business’s 50-day moving average is $10.00. Hut 8 Mining has a 1-year low of $3.15 and a 1-year high of $16.57.

Hut 8 Mining (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, November 11th. The company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The company had revenue of $39.98 million for the quarter, compared to analysts’ expectations of $39.34 million. As a group, equities analysts expect that Hut 8 Mining will post 0.19 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Almanack Investment Partners LLC. acquired a new stake in shares of Hut 8 Mining in the 3rd quarter valued at about $98,000. Financial Advocates Investment Management boosted its position in shares of Hut 8 Mining by 3.4% in the 3rd quarter. Financial Advocates Investment Management now owns 77,550 shares of the company’s stock valued at $782,000 after purchasing an additional 2,550 shares during the period. Quilter Plc acquired a new stake in shares of Hut 8 Mining in the 3rd quarter valued at about $252,000. Tradewinds Capital Management LLC boosted its position in shares of Hut 8 Mining by 395.4% in the 3rd quarter. Tradewinds Capital Management LLC now owns 3,220 shares of the company’s stock valued at $27,000 after purchasing an additional 2,570 shares during the period. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Hut 8 Mining in the 3rd quarter valued at about $3,541,000. Institutional investors and hedge funds own 14.74% of the company’s stock.

Hut 8 Mining Company Profile

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.

Further Reading: Asset Allocation, Balancing Your Investments

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