Zacks: Analysts Anticipate Hut 8 Mining Corp. (NASDAQ:HUT) to Announce $0.04 Earnings Per Share

Equities analysts expect that Hut 8 Mining Corp. (NASDAQ:HUTGet Rating) will report earnings per share of $0.04 for the current quarter, Zacks reports. Two analysts have made estimates for Hut 8 Mining’s earnings. The highest EPS estimate is $0.06 and the lowest is $0.02. Hut 8 Mining posted earnings of ($0.07) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 157.1%. The firm is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Hut 8 Mining will report full year earnings of $0.38 per share for the current financial year, with EPS estimates ranging from $0.27 to $0.50. For the next year, analysts anticipate that the firm will report earnings of $0.50 per share, with EPS estimates ranging from $0.26 to $0.73. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Hut 8 Mining.

Hut 8 Mining (NASDAQ:HUTGet Rating) last announced its earnings results on Thursday, March 17th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.14). Hut 8 Mining had a negative net margin of 27.23% and a positive return on equity of 4.99%. The business had revenue of $45.94 million during the quarter, compared to analyst estimates of $43.16 million.

HUT has been the subject of a number of research reports. Zacks Investment Research upgraded Hut 8 Mining from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 24th. Canaccord Genuity Group lowered their price objective on Hut 8 Mining from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, March 22nd. Canaccord Genuity Group lowered their price objective on Hut 8 Mining from $12.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, May 13th. Finally, HC Wainwright lowered their price objective on Hut 8 Mining from $19.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, May 19th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $10.00.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. bought a new position in Hut 8 Mining during the third quarter worth about $23,557,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Hut 8 Mining by 5.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,200,499 shares of the company’s stock valued at $12,138,000 after purchasing an additional 110,218 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in shares of Hut 8 Mining by 1.4% during the 3rd quarter. Point72 Hong Kong Ltd now owns 1,771,988 shares of the company’s stock valued at $14,885,000 after purchasing an additional 24,418 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Hut 8 Mining by 37.7% during the 3rd quarter. Marshall Wace LLP now owns 1,558,122 shares of the company’s stock valued at $13,090,000 after purchasing an additional 426,880 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Hut 8 Mining by 32.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,033,238 shares of the company’s stock valued at $8,686,000 after purchasing an additional 256,065 shares in the last quarter. Hedge funds and other institutional investors own 15.28% of the company’s stock.

Shares of NASDAQ:HUT opened at $2.31 on Monday. Hut 8 Mining has a twelve month low of $2.11 and a twelve month high of $16.57. The firm has a market cap of $403.18 million and a PE ratio of -7.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 20.13 and a current ratio of 20.13. The business has a fifty day moving average of $3.70 and a 200-day moving average of $6.05.

Hut 8 Mining Company Profile (Get Rating)

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.

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