Hut 8 (NASDAQ:HUT) Shares Gap Down to $11.97

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $11.97, but opened at $11.67. Hut 8 shares last traded at $11.43, with a volume of 347,169 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HC Wainwright upgraded shares of Hut 8 from a “sell” rating to a “buy” rating and upped their price target for the company from $7.50 to $13.50 in a research report on Wednesday. Craig Hallum upped their price target on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Hut 8 in a research report on Wednesday. Canaccord Genuity Group upped their price target on shares of Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $16.08.

Hut 8 Trading Down 3.8 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50 day simple moving average is $14.30 and its two-hundred day simple moving average is $10.60.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data 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 analysts’ expectations of $50.60 million. Equities research analysts forecast that Hut 8 Corp. will post -0.43 earnings per share for the current year.

Insider Transactions at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 12.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Amalgamated Bank acquired a new position in Hut 8 in the 2nd quarter valued at $42,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Hut 8 in the 2nd quarter valued at $608,000. Dimensional Fund Advisors LP acquired a new position in Hut 8 in the 2nd quarter valued at $200,000. Headlands Technologies LLC grew its stake in Hut 8 by 121.6% in the 2nd quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock valued at $768,000 after buying an additional 28,109 shares during the last quarter. Finally, Arizona State Retirement System acquired a new position in Hut 8 in the 2nd quarter valued at $337,000. Institutional investors and hedge funds 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.