The Attractiveness of Investing In Hut 8 Mining Corp. (HUT) is Growing


As this happened, PT values the company’s stock at a premium of -12.0 to its Tuesday closing price. A number of analysts have revised their coverage, including Craig Hallum’s analysts, who decreased its forecast for the stock in mid November from “a Buy” to “a Hold”. DA Davidson also remained covering HUT and has decreased its forecast on August 17, 2022 with a “Neutral” recommendation from previously “Buy” rating.

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Price Performance Review of HUT

On Tuesday, Hut 8 Mining Corp. [NASDAQ:HUT] saw its stock jump 12.00% to $1.68. On the same session, the stock had its day’s lowest price of $1.62, but rose to a high of $1.85. Over the last five days, the stock has gained 11.26%. Hut 8 Mining Corp. shares have risen nearly 97.65% since the year began. Nevertheless, the stocks have fallen -66.33% over the past one year. While a 52-week high of $6.70 was reached on 02/02/23, a 52-week low of $0.78 was recorded on 01/03/23. SMA at 50 days reached $1.6620, while 200 days put it at $1.7792.

Levels Of Support And Resistance For HUT Stock

The 24-hour chart illustrates a support level at 1.5833, which if violated will result in even more drops to 1.4867. On the upside, there is a resistance level at 1.8133. A further resistance level may holdings at 1.9467. The Relative Strength Index (RSI) on the 14-day chart is 51.71, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0793, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 26.56%. Stochastics %K at 41.17% indicates the stock is a holding.

How much short interest is there in Hut 8 Mining Corp.?

A steep rise in short interest was recorded in Hut 8 Mining Corp. stocks on Jan 30, 2023, growing by 3.13 million shares to a total of 14.6 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 11.47 million shares. There was a rise of 21.44%, which implies that there is a positive sentiment for the stock.

According to FactSet, Hut 8 Mining Corp.’s share price will average $2.84 in the next year, based on opinions of analysts polled by the firm. This is up nearly 61.33 percent from its previous closing price of $1.50. Analysts expect Hut 8 Mining Corp. stock to reach the higher price of $5.00, while the lowest price estimate is $1.50. However, 4 analysts have rated HUT stock as an Overweight in their predictions for 2023. The most recent change occurred on October 15, 2021 when DA Davidson began covering the stock and recommended ‘”a Buy”‘ rating along with a $20 price target.


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