Hut 8 Mining Corp. (HUT - Get Rating)
HUT, which is headquartered in Toronto, Canada, operates as a cryptocurrency mining company that engages in industrial-scale bitcoin mining operations in North America.
On January 20, HUT announced that it had agreed to purchase the cloud and colocation data center business from TeraGo Inc. The acquisition is expected to bolster its digital asset ecosystem, but it is anticipated to result in CAD30 million ($23.61 million) outflow.
For the nine months ended September 30, HUT’s net cash used in operating activities increased 4,339.3% year-over-year to CAD52.64 million ($41.42 million), while its net cash used in investing activities rose 2,357.2% from the prior-year period to CAD133.98 million ($105.42 million).
The Street’s $0.11 EPS estimate for the fiscal fourth quarter (ended December 2021) reflects a 52.4% year-over-year decrease.
HUT’s shares have declined 57.4% in price over the past three months and 41.9% over the past month to close yesterday’s trading session at $5.12.
HUT’s poor prospects are reflected in its POWR Ratings. The stock has an overall D rating, which equates to Sell in our proprietary rating system. HUT has an F Stability grade and a D Value, Sentiment, and Quality grade. It is ranked #112 in the Financial Services (Enterprise) industry.
In addition to the POWR Rating grades I’ve stated above, one can see HUT ratings for Growth and Momentum here.
By Anushka Dutta
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