Hut 8 (NASDAQ:HUT) Shares Up 8.5% After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price shot up 8.5% during mid-day trading on Friday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The stock traded as high as $99.03 and last traded at $98.74. Approximately 7,373,218 shares traded hands during mid-day trading, an increase of 53% from the average daily volume of 4,832,536 shares. The stock had previously closed at $90.99.

Several other equities analysts have also recently weighed in on HUT. Weiss Ratings cut Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Benchmark raised their target price on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a research report on Wednesday, August 5th. BTIG Research upped their price target on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Loop Capital set a $226.00 price objective on Hut 8 in a research report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $146.40.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Hut 8 in the second quarter worth about $1,093,294,000. Sachem Head Capital Management LP bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $129,780,000. Oasis Management Co Ltd. grew its stake in shares of Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the last quarter. Avala Global LP acquired a new stake in shares of Hut 8 in the 2nd quarter valued at $144,602,000. Finally, Wellington Management Group LLP bought a new stake in Hut 8 during the 2nd quarter worth about $97,949,000. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Stock Performance

The stock’s 50 day moving average is $93.10 and its two-hundred day moving average is $88.73. The firm has a market capitalization of $12.17 billion, a P/E ratio of -18.12 and a beta of 4.51. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. During the same period last year, the company earned $1.18 EPS. As a group, equities analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.