Hut 8 (NASDAQ:HUT) Shares Gap Down to $11.24

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Monday . The stock had previously closed at $11.24, but opened at $10.94. Hut 8 shares last traded at $10.58, with a volume of 210,857 shares trading hands.

Wall Street Analyst Weigh In

HUT has been the topic of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. HC Wainwright upgraded shares of Hut 8 from a “sell” rating to a “buy” rating and upped their price target for the company from $7.50 to $13.50 in a report on Wednesday, August 14th. Craig Hallum boosted their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Hut 8 in a research report on Friday, August 23rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $16.08.

Hut 8 Stock Down 1.7 %

The stock has a 50 day simple moving average of $13.34 and a two-hundred day simple moving average of $11.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, research analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nomura Holdings Inc. acquired a new position in Hut 8 in the 4th quarter valued at $1,774,000. Vanguard Group Inc. grew its stake in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Van ECK Associates Corp increased its position in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares during the period. Swiss National Bank raised its stake in Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Hut 8 in the 2nd quarter valued at about $4,390,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.