Hut 8 (NASDAQ:HUT) Stock Price Up 6.3% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 6.3% on Tuesday . The stock traded as high as $24.48 and last traded at $24.92. 805,305 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 5,595,544 shares. The stock had previously closed at $23.45.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group increased their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Citizens Jmp upgraded shares of Hut 8 to a “strong-buy” rating and set a $25.00 price objective on the stock in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $21.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. JMP Securities assumed coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $25.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company’s stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average target price of $26.94.

Hut 8 Trading Up 10.9%

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $20.61 and its 200-day moving average price is $16.76.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $41.72 million for the quarter, compared to analysts’ expectations of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Joseph Flinn sold 11,069 shares of the firm’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company’s stock, valued at approximately $312,104.07. This trade represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HUT. Wells Fargo & Company MN grew its holdings in shares of Hut 8 by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 52,563 shares of the company’s stock valued at $1,077,000 after purchasing an additional 11,687 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after buying an additional 1,823 shares during the period. Barclays PLC boosted its stake in Hut 8 by 11.7% during the fourth quarter. Barclays PLC now owns 139,157 shares of the company’s stock worth $2,852,000 after buying an additional 14,630 shares during the period. Mariner LLC boosted its stake in Hut 8 by 23.0% during the fourth quarter. Mariner LLC now owns 28,800 shares of the company’s stock worth $590,000 after buying an additional 5,393 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Hut 8 by 1,568.0% during the fourth quarter. NewEdge Advisors LLC now owns 3,336 shares of the company’s stock worth $68,000 after buying an additional 3,136 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.