Hut 8 (NASDAQ:HUT) Shares Up 7%

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 7% during mid-day trading on Monday . The stock traded as high as $9.64 and last traded at $9.63. 316,441 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 4,985,737 shares. The stock had previously closed at $9.00.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HUT. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Hut 8 in a report on Friday, August 23rd. Craig Hallum lifted their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, HC Wainwright upgraded shares of Hut 8 from a “sell” rating to a “buy” rating and lifted their price objective for the company from $7.50 to $13.50 in a report on Wednesday, August 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.08.

Hut 8 Price Performance

The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average is $13.87 and its two-hundred day moving average is $10.93.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. Research analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on 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 directly owns 11,861 shares in the company, valued at approximately $139,248.14. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HUT. Foundations Investment Advisors LLC purchased a new stake in Hut 8 during the 4th quarter worth approximately $605,000. Nomura Holdings Inc. purchased a new stake in Hut 8 during the 4th quarter worth approximately $1,774,000. Westend Capital Management LLC purchased a new stake in Hut 8 during the 1st quarter worth approximately $5,190,000. Global Retirement Partners LLC grew its position in Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Triton Wealth Management PLLC grew its position in Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after purchasing an additional 2,490 shares during the last quarter. 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.