Hut 8 (NASDAQ:HUT) Shares Up 11.7% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) shares traded up 11.7% during trading on Monday . The stock traded as high as $38.37 and last traded at $38.3540. 3,345,300 shares traded hands during trading, a decline of 46% from the average session volume of 6,172,107 shares. The stock had previously closed at $34.34.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on HUT shares. Citigroup restated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Maxim Group increased their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Roth Capital reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. B. Riley reaffirmed a “buy” rating on shares of Hut 8 in a report on Wednesday, October 22nd. Finally, Cantor Fitzgerald increased their target price on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $48.80.

Hut 8 Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $4.58 billion, a PE ratio of -108.64 and a beta of 4.40. The firm’s 50 day simple moving average is $42.57 and its 200 day simple moving average is $28.62.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $80.72 million during the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. As a group, research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Hut 8 by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after buying an additional 321 shares during the period. Arizona State Retirement System grew its holdings in Hut 8 by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after acquiring an additional 542 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares in the last quarter. Main Management ETF Advisors LLC increased its position in Hut 8 by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock valued at $832,000 after purchasing an additional 732 shares during the period. Finally, Intech Investment Management LLC raised its holdings in shares of Hut 8 by 1.1% in the 2nd quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after purchasing an additional 734 shares in the last quarter. 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.