Hut 8 (NASDAQ:HUT) Stock Price Up 8.8% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares were up 8.8% during mid-day trading on Friday . The stock traded as high as $101.27 and last traded at $98.60. Approximately 5,674,212 shares changed hands during mid-day trading, an increase of 18% from the average daily volume of 4,815,343 shares. The stock had previously closed at $90.60.

Wall Street Analysts Forecast Growth

HUT has been the subject of several recent analyst reports. Loop Capital set a $226.00 price objective on shares of Hut 8 in a report on Monday, June 22nd. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. B. Riley Financial increased their price target on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Piper Sandler lifted their price target on Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, BTIG Research boosted their price objective on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Stock Up 8.8%

The company has a market capitalization of $12.15 billion, a price-to-earnings ratio of -18.09 and a beta of 4.51. The stock’s fifty day simple moving average is $94.17 and its two-hundred day simple moving average is $87.53. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The business had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. During the same period last year, the firm posted $1.18 earnings per share. On average, sell-side analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victor Semah sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. This represents a 24.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in the stock. Arlington Trust Co LLC boosted its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares during the period. Imprint Wealth LLC acquired a new stake in shares of Hut 8 in the 4th quarter worth about $38,000. Parkside Financial Bank & Trust lifted its position in Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after purchasing an additional 274 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Hut 8 during the 1st quarter valued at about $47,000. 31.75% of the stock is owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.