Hut 8 (NASDAQ:HUT) Trading 11.5% Higher – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 11.5% during trading on Monday . The stock traded as high as $16.64 and last traded at $16.62. 1,107,718 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 4,857,215 shares. The stock had previously closed at $14.90.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HUT. HC Wainwright restated a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Benchmark reissued a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a research report on Monday, October 7th. Needham & Company LLC upped their price objective on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. 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 note on Wednesday, October 2nd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has an average rating of “Buy” and an average price target of $16.50.

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 50-day simple moving average is $11.78 and its two-hundred day simple moving average is $11.79.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Analysts predict that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Transactions at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction 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 sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the business’s 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 in the company, valued at $588,171.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Flinn sold 7,618 shares of the stock in a transaction on Friday, August 16th. The stock was 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 owns 11,861 shares in the company, valued at $139,248.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Foundations Investment Advisors LLC boosted its position in shares of Hut 8 by 2.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after acquiring an additional 949 shares during the last quarter. Amalgamated Bank purchased a new stake in Hut 8 in the second quarter valued at approximately $42,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after purchasing an additional 3,105 shares during the last quarter. Westend Capital Management LLC grew its stake in Hut 8 by 1.7% in the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after buying an additional 7,827 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Hut 8 in the 2nd quarter worth $154,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.