Hut 8 (NASDAQ:HUT) Shares Up 4%

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 4% on Friday . The company traded as high as $19.33 and last traded at $18.85. 2,417,011 shares were traded during mid-day trading, a decline of 53% from the average session volume of 5,099,449 shares. The stock had previously closed at $18.13.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “sell” rating and issued a $7.50 price objective on shares of Hut 8 in a research note on Tuesday, June 25th. Canaccord Genuity Group upped their price objective on shares of Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Benchmark upped their price objective on shares of Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Craig Hallum boosted their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, Needham & Company LLC boosted their target price on shares of Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.08.

Hut 8 Stock Performance

The company’s fifty day moving average is $12.38 and its two-hundred day moving average is $10.04. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. On average, analysts forecast that Hut 8 Corp. will post -0.43 earnings per share for the current year.

Insider Activity

In other news, CFO Shenif Visram sold 17,905 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the transaction, the chief financial officer now owns 30,865 shares in the company, valued at approximately $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Triton Wealth Management PLLC raised its stake in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after acquiring an additional 4,000 shares during the last quarter. Westend Capital Management LLC increased its stake in shares of Hut 8 by 1.7% in the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after acquiring an additional 7,827 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Hut 8 in the 1st quarter worth $255,000. Finally, AM Investment Strategies LLC acquired a new stake in shares of Hut 8 in the 4th quarter worth $597,000. 31.75% of the stock is owned by institutional investors and hedge funds.

About Hut 8

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.