Hut 8 (NASDAQ:HUT) Shares Gap Up – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Thursday . The stock had previously closed at $15.11, but opened at $15.94. Hut 8 shares last traded at $15.92, with a volume of 786,004 shares traded.

Analyst Ratings Changes

Several research analysts have commented on HUT shares. HC Wainwright reaffirmed a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research note on Monday, October 7th. Needham & Company LLC lifted their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Craig Hallum lifted their target price on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $16.50.

Hut 8 Stock Up 1.0 %

The firm has a 50-day moving average price of $11.64 and a two-hundred day moving average price of $11.68. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data 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, sell-side analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insider Activity at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was 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 of the company’s stock, valued at $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Large investors have recently bought and sold shares of the company. Amalgamated Bank acquired a new position in Hut 8 in the second quarter valued at approximately $42,000. Victory Capital Management Inc. acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $154,000. Dimensional Fund Advisors LP acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $200,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after buying an additional 3,105 shares during the period. Finally, Clearline Capital LP acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $280,000. Hedge funds and other 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.