Hut 8 (NASDAQ:HUT) Shares Gap Up – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Monday . The stock had previously closed at $97.14, but opened at $103.48. Hut 8 shares last traded at $107.09, with a volume of 994,110 shares traded.

Analysts Set New Price Targets

Several brokerages have weighed in on HUT. Canaccord Genuity Group raised their target price on shares of Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Northland Securities set a $120.00 price objective on Hut 8 in a report on Thursday, May 7th. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Cantor Fitzgerald boosted their target price on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Loop Capital set a $226.00 target price on Hut 8 in a research report on Monday, June 22nd. Seventeen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.79.

Hut 8 Stock Up 10.3%

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average price is $108.04 and its 200 day moving average price is $73.60. The firm has a market capitalization of $12.06 billion, a price-to-earnings ratio of -35.71 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, research analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares in the company, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the sale, the director directly owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Glenmede Trust Co. NA lifted its stake in shares of Hut 8 by 30.1% in the 1st quarter. Glenmede Trust Co. NA now owns 21,161 shares of the company’s stock valued at $993,000 after purchasing an additional 4,896 shares during the period. Dayah Capital LLC grew its stake in Hut 8 by 12.6% in the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after acquiring an additional 24,456 shares during the period. Amundi increased its stake in shares of Hut 8 by 26.4% during the first quarter. Amundi now owns 8,187 shares of the company’s stock worth $384,000 after purchasing an additional 1,712 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Hut 8 by 21.7% in the 1st quarter. California State Teachers Retirement System now owns 114,909 shares of the company’s stock worth $5,390,000 after buying an additional 20,469 shares during the last quarter. Finally, Engle Capital Management L.P. purchased a new position in shares of Hut 8 in the first quarter valued at approximately $7,027,000. 31.75% of the stock is owned by hedge funds and other 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.