Hut 8 (NASDAQ:HUT) Shares Gap Down to $15.67

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $15.67, but opened at $15.33. Hut 8 shares last traded at $15.74, with a volume of 568,376 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Needham & Company LLC upped their price objective on shares of Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. HC Wainwright reaffirmed a “sell” rating and issued a $7.50 price objective on shares of Hut 8 in a report on Tuesday, June 25th. Benchmark lifted their price objective on Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a report on Friday, June 21st. Canaccord Genuity Group lifted their price objective on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Finally, Craig Hallum lifted their price objective on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Hut 8 has a consensus rating of “Moderate Buy” and an average price target of $15.08.

Hut 8 Price Performance

The stock’s 50-day moving average price is $10.22 and its 200-day moving average price is $9.72. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The firm had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. On average, analysts forecast that Hut 8 Corp. will post -0.43 earnings per share for the current year.

Insider Activity

In related news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the transaction, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC grew its stake in Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after acquiring an additional 4,000 shares during the period. Triton Wealth Management PLLC grew its stake in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after acquiring an additional 2,490 shares during the period. Headlands Technologies LLC purchased a new stake in Hut 8 in the 1st quarter worth approximately $255,000. AM Investment Strategies LLC purchased a new stake in Hut 8 in the 4th quarter worth approximately $597,000. Finally, Foundations Investment Advisors LLC purchased a new stake in Hut 8 in the 4th quarter worth approximately $605,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

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.