Hut 8 (NASDAQ:HUT) Stock Price Up 7%

Hut 8 Corp. (NASDAQ:HUT) shares were up 7% during mid-day trading on Monday . The stock traded as high as $9.64 and last traded at $9.63. Approximately 316,441 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 4,985,737 shares. The stock had previously closed at $9.00.

Analysts Set New Price Targets

A number of brokerages have weighed in on HUT. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of Hut 8 in a research report on Friday, August 23rd. Craig Hallum increased their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and boosted their price objective for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $16.08.

Hut 8 Stock Up 4.8 %

The stock’s 50-day moving average price is $13.66 and its 200 day moving average price is $10.96. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. As a group, equities research analysts predict that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at approximately $18,191,000. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 in the 2nd quarter worth approximately $17,388,000. Van ECK Associates Corp boosted its position in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the period. Finally, Westend Capital Management LLC acquired a new stake in Hut 8 in the 1st quarter valued at approximately $5,190,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.