Hut 8 (NASDAQ:HUT) Shares Down 6.1%

Hut 8 Corp. (NASDAQ:HUT) shares were down 6.1% during mid-day trading on Tuesday . The company traded as low as $13.91 and last traded at $13.92. Approximately 2,753,457 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 5,147,114 shares. The stock had previously closed at $14.83.

Analyst Ratings Changes

Several equities analysts have recently commented on HUT shares. HC Wainwright reiterated a “sell” rating and set a $7.50 price objective on shares of Hut 8 in a research report on Tuesday, June 25th. Canaccord Genuity Group lifted their price target 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. Craig Hallum upped their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Needham & Company LLC increased their target price on shares of Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, Benchmark boosted their price target 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. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.08.

Hut 8 Trading Down 5.8 %

The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average price is $13.62 and its 200-day moving average price is $10.27.

Hut 8 (NASDAQ:HUT) last announced 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 business had revenue of $51.74 million for the quarter, compared to analyst estimates of $50.60 million. As a group, analysts predict that Hut 8 Corp. will post -0.43 EPS for the current year.

Insider Buying and Selling

In other Hut 8 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 value of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Hut 8 during the second quarter valued at approximately $4,390,000. Westend Capital Management LLC increased its position in shares of Hut 8 by 1.7% during the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after acquiring an additional 7,827 shares in the last quarter. Tidal Investments LLC purchased a new position in Hut 8 in the 1st quarter worth approximately $18,191,000. Finally, Vident Advisory LLC lifted its position in Hut 8 by 78.3% in the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after acquiring an additional 255,307 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

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.