Hut 8 (NASDAQ:HUT) Stock Price Up 3% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 3% during mid-day trading on Monday . The company traded as high as $88.12 and last traded at $88.04. 3,935,550 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 4,809,724 shares. The stock had previously closed at $85.44.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods lowered their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Piper Sandler upped their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Canaccord Genuity Group increased their price target on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, BTIG Research lifted their price target on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Up 3.0%

The business has a fifty day moving average price of $105.78 and a 200 day moving average price of $83.33. The company has a market capitalization of $10.85 billion, a PE ratio of -16.15 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $72.66 million during the quarter, compared to analyst estimates of $79.37 million. During the same period in the prior year, the firm earned $1.18 earnings per share. Analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 30,500 shares of Hut 8 stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the transaction, the director directly owned 18,238 shares of the company’s stock, valued at $2,119,437.98. The trade was a 62.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 68,219 shares of company stock worth $7,720,152. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in HUT. Avala Global LP purchased a new stake in Hut 8 during the 2nd quarter worth $144,602,000. Bank of America Corp DE purchased a new position in Hut 8 in the second quarter valued at about $51,186,000. Gallagher Fiduciary Advisors LLC purchased a new position in Hut 8 in the second quarter valued at about $480,000. Man Group plc acquired a new position in shares of Hut 8 during the second quarter worth about $7,558,000. Finally, Jupiter Topco LLC acquired a new position in shares of Hut 8 during the second quarter worth about $8,516,000. Institutional investors and hedge funds 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.