Hut 8 (NASDAQ:HUT) Stock Price Up 3.1% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares were up 3.1% during mid-day trading on Wednesday . The company traded as high as $94.10 and last traded at $89.82. 3,975,870 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 4,815,497 shares. The stock had previously closed at $87.09.

Analysts Set New Price Targets

A number of analysts recently issued reports on HUT shares. Piper Sandler lifted their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. B. Riley Financial raised their price objective on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen lowered shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus target price of $144.89.

Hut 8 Trading Up 3.1%

The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm’s 50 day moving average is $93.73 and its two-hundred day moving average is $88.22. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of -16.48 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the previous year, the firm earned $1.18 earnings per share. Equities analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Activity

In related news, CFO Sean Glennan sold 6,445 shares of the business’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 transaction of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in Hut 8 by 0.5% in the second quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock worth $3,154,000 after purchasing an additional 125 shares during the period. CoreCap Advisors LLC increased its position in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the period. Arlington Trust Co LLC increased its position in shares of Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares during the period. Allworth Financial LP raised its stake in shares of Hut 8 by 18.5% in the 2nd quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock worth $157,000 after buying an additional 213 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Hut 8 by 35.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after buying an additional 274 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

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.