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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Thursday . The stock had previously closed at $88.18, but opened at $98.20. Hut 8 shares last traded at $103.2410, with a volume of 1,215,741 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. BTIG Research boosted their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Piper Sandler raised their price target on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research report on Monday, June 22nd. Needham & Company LLC upped their price objective on shares of Hut 8 from $128.00 to $145.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Compass Point set a $195.00 price objective on shares of Hut 8 in a research report on Wednesday, July 22nd. Eighteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $137.20.

Hut 8 Stock Down 0.6%

The firm has a 50-day moving average price of $111.84 and a 200 day moving average price of $80.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $12.12 billion, a price-to-earnings ratio of -35.88 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Sell-side analysts predict that Hut 8 Corp. will post -2.52 EPS for the current year.

Insider Transactions at Hut 8

In other news, Director Amy Marie Wilkinson sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the sale, the director owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victor Semah sold 10,518 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the sale, the insider directly owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. The trade was a 20.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 112,724 shares of company stock valued at $12,184,340. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after purchasing an additional 35,120 shares during the period. Prudential Financial Inc. acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $216,000. Russell Investments Group Ltd. increased its holdings in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after purchasing an additional 5,400 shares during the period. Finally, Invesco Ltd. raised its position in shares of Hut 8 by 13.2% in the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after buying an additional 124,439 shares in the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.