Cambridge Investment Research Advisors Inc. Has $91,000 Holdings in Hut 8 Mining Corp. (NASDAQ:HUT)

Cambridge Investment Research Advisors Inc. grew its position in shares of Hut 8 Mining Corp. (NASDAQ:HUT – Get Rating) by 240.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,058 shares of the company’s stock after buying an additional 36,050 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Hut 8 Mining were worth $91,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in HUT. Wedbush Securities Inc. bought a new position in shares of Hut 8 Mining in the 2nd quarter valued at approximately $25,000. Quantbot Technologies LP bought a new position in Hut 8 Mining in the 1st quarter worth approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Hut 8 Mining in the 2nd quarter worth approximately $28,000. Private Advisor Group LLC bought a new position in Hut 8 Mining in the 2nd quarter worth approximately $35,000. Finally, Triton Wealth Management PLLC bought a new position in Hut 8 Mining in the 2nd quarter worth approximately $36,000. 8.46% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Mining Price Performance

Shares of NASDAQ:HUT opened at $1.58 on Tuesday. Hut 8 Mining Corp. has a 1-year low of $0.78 and a 1-year high of $8.34. The firm has a market capitalization of $348.46 million, a PE ratio of -2.05 and a beta of 3.27. The business’s 50 day moving average is $1.14 and its 200-day moving average is $1.73. The company has a current ratio of 9.57, a quick ratio of 9.57 and a debt-to-equity ratio of 0.07.

Hut 8 Mining (NASDAQ:HUT – Get Rating) last announced its quarterly earnings results on Thursday, November 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.12). The company had revenue of $24.28 million during the quarter, compared to analyst estimates of $33.51 million. Hut 8 Mining had a negative net margin of 89.63% and a negative return on equity of 6.75%. Sell-side analysts predict that Hut 8 Mining Corp. will post 0.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on HUT. HC Wainwright reaffirmed a “neutral” rating and issued a $1.50 price target on shares of Hut 8 Mining in a research report on Friday, December 9th. DA Davidson downgraded Hut 8 Mining from a “buy” rating to a “neutral” rating in a research report on Thursday, November 3rd. Finally, Craig Hallum downgraded Hut 8 Mining from a “buy” rating to a “hold” rating and dropped their price target for the stock from $5.00 to $2.00 in a research report on Friday, November 11th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.38.

Hut 8 Mining Company Profile

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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.