Hut 8 (NASDAQ:HUT) Shares Up 3.6% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price was up 3.6% on Tuesday . The stock traded as high as $93.99 and last traded at $88.78. Approximately 3,431,384 shares traded hands during trading, a decline of 29% from the average daily volume of 4,801,732 shares. The stock had previously closed at $85.66.

Analyst Upgrades and Downgrades

HUT has been the topic of several analyst reports. BTIG Research increased their target price on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. B. Riley Financial boosted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Morgan Stanley assumed coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price objective for the company. Benchmark raised their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, Maxim Group upgraded Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $144.89.

Hut 8 Stock Performance

The stock has a market cap of $10.94 billion, a P/E ratio of -16.29 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock’s 50 day simple moving average is $108.91 and its two-hundred day simple moving average is $82.49.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $72.66 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the company earned $1.18 EPS. As a group, research analysts forecast that Hut 8 Corp. will post -2.8 EPS for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares of the company’s stock, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 in the company, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 85,710 shares of company stock worth $9,644,162 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of the company. Millennium Management LLC grew its stake in shares of Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after acquiring an additional 35,120 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Hut 8 in the second quarter worth $216,000. Russell Investments Group Ltd. boosted its holdings in 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 last quarter. New York State Common Retirement Fund boosted its holdings in 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 last quarter. Finally, Invesco Ltd. grew its position in 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 purchasing an additional 124,439 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

About Hut 8

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.