Hut 8 (NASDAQ:HUT) Trading Up 5.2% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price rose 5.2% during mid-day trading on Tuesday . The company traded as high as $19.24 and last traded at $19.57. Approximately 780,748 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 5,750,288 shares. The stock had previously closed at $18.60.

Analyst Ratings Changes

Several research analysts recently issued reports on HUT shares. UBS Group set a $33.00 price target on shares of Hut 8 in a research report on Wednesday, April 2nd. Benchmark reduced their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Maxim Group began coverage on shares of Hut 8 in a research note on Thursday, May 1st. They set a “buy” rating and a $20.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a report on Monday, May 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average target price of $25.76.

Hut 8 Trading Up 1.5%

The firm has a 50 day simple moving average of $15.87 and a two-hundred day simple moving average of $17.37. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The business had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director owned 19,791 shares in the company, valued at approximately $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider directly owned 15,738 shares of the company’s stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is owned by corporate insiders.

Institutional Trading of Hut 8

Institutional investors have recently made changes to their positions in the business. State of Wyoming acquired a new position in shares of Hut 8 during the 1st quarter worth approximately $32,000. Optiver Holding B.V. bought a new position in shares of Hut 8 in the 4th quarter valued at about $35,000. US Bancorp DE increased its stake in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after purchasing an additional 3,209 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Hut 8 by 825.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,553 shares of the company’s stock valued at $52,000 after purchasing an additional 2,277 shares during the period. Institutional investors own 31.75% of the company’s stock.

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.