Hut 8 (NASDAQ:HUT) Shares Gap Up – Should You Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Monday . The stock had previously closed at $18.57, but opened at $19.47. Hut 8 shares last traded at $18.38, with a volume of 1,589,930 shares traded.

Analysts Set New Price Targets

HUT has been the topic of several research analyst reports. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price target on the stock. B. Riley initiated coverage on Hut 8 in a research report on Wednesday, May 14th. They set a “buy” rating and a $25.00 price target on the stock. Roth Capital initiated coverage on Hut 8 in a research report on Friday. They set a “buy” rating and a $25.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 price target on shares of Hut 8 in a research report on Monday, May 12th. Finally, Maxim Group initiated coverage on Hut 8 in a research report on Thursday, May 1st. They set a “buy” rating and a $20.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $25.76.

Hut 8 Trading Down 0.5%

The stock has a fifty day moving average of $13.94 and a two-hundred day moving average of $18.40. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.20% of the stock is owned by corporate insiders.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in HUT. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the fourth quarter valued at $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 during the fourth quarter worth about $27,115,000. Voloridge Investment Management LLC purchased a new position in Hut 8 during the fourth quarter worth about $24,170,000. Arrowstreet Capital Limited Partnership purchased a new position in Hut 8 during the fourth quarter worth about $23,009,000. Finally, Invesco Ltd. lifted its position in Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after buying an additional 874,572 shares during the period. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.