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

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 8% during mid-day trading on Thursday . The stock traded as high as $76.24 and last traded at $76.6940. 439,856 shares were traded during trading, a decline of 91% from the average session volume of 4,863,947 shares. The stock had previously closed at $71.00.

Analysts Set New Price Targets

Several research firms have recently issued reports on HUT. Roth Mkm restated a “buy” rating and set a $80.00 target price on shares of Hut 8 in a research report on Tuesday, January 27th. BTIG Research boosted their target price on Hut 8 from $55.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Wall Street Zen lowered Hut 8 from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday. Finally, B. Riley Financial lifted their price objective on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a report on Friday, January 9th. Sixteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.38.

Hut 8 Stock Up 6.2%

The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of -32.48 and a beta of 4.38. The firm has a 50-day moving average price of $57.79 and a two-hundred day moving average price of $52.08.

Insider Buying and Selling

In other Hut 8 news, insider Victor Semah sold 5,498 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $269,676.90. Following the completion of the transaction, the insider owned 24,796 shares of the company’s stock, valued at $1,216,243.80. This represents a 18.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sean Joseph Glennan sold 4,625 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the transaction, the chief financial officer directly owned 12,068 shares of the company’s stock, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after buying an additional 4,062,367 shares during the last quarter. SRS Investment Management LLC bought a new stake in Hut 8 in the 4th quarter valued at $131,838,000. Sachem Head Capital Management LP bought a new position in Hut 8 during the fourth quarter worth $129,780,000. Ameriprise Financial Inc. boosted its position in Hut 8 by 1,043.0% during the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares during the period. Finally, Oasis Management Co Ltd. boosted its position in Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after purchasing an additional 1,611,653 shares during the period. 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.