Hut 8 Mining (TSE:HUT) Trading Down 9.1%

Shares of Hut 8 Mining Corp. (TSE:HUT – Get Rating) dropped 9.1% during trading on Wednesday . The stock traded as low as C$2.37 and last traded at C$2.41. Approximately 689,716 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,332,812 shares. The stock had previously closed at C$2.65.

Analysts Set New Price Targets

HUT has been the subject of several recent analyst reports. DA Davidson cut shares of Hut 8 Mining from a “buy” rating to a “neutral” rating in a research note on Thursday, November 3rd. HC Wainwright cut shares of Hut 8 Mining from a “buy” rating to a “neutral” rating in a research note on Friday, December 9th.

Hut 8 Mining Price Performance

The company’s 50 day simple moving average is C$1.57 and its 200 day simple moving average is C$2.33. The stock has a market capitalization of C$453.27 million and a PE ratio of -9.88. The company has a current ratio of 9.57, a quick ratio of 1.26 and a debt-to-equity ratio of 10.16.

Hut 8 Mining (TSE:HUT – Get Rating) last announced its quarterly earnings data on Thursday, November 10th. The company reported C($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of C($0.01) by C($0.13). The firm had revenue of C$31.67 million for the quarter, compared to the consensus estimate of C$37.30 million. On average, equities analysts anticipate that Hut 8 Mining Corp. will post -0.52 earnings per share for the current year.

About Hut 8 Mining

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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.