Hut 8 (NASDAQ:HUT) Stock Price Up 7.4% – What’s Next?

Shares of Hut 8 Corp. (NASDAQ:HUT) were up 7.4% on Friday. The company traded as high as $92.20 and last traded at $92.73. 1,215,226 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,772,250 shares. The stock had previously closed at $86.36.

Analyst Ratings Changes

Several research firms have weighed in on HUT. BTIG Research increased their price target on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Benchmark increased their target price on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Rosenblatt Securities reissued a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Wednesday, August 5th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a 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 report on Saturday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $143.95.

Hut 8 Stock Up 4.1%

The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a market cap of $11.08 billion, a PE ratio of -16.43 and a beta of 4.62. The business’s 50-day simple moving average is $91.98 and its 200 day simple moving average is $92.03.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the business earned $1.18 earnings per share. As a group, equities research analysts expect that Hut 8 Corp. will post -2.98 earnings per share for the current year.

Insider Activity

In related news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were 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 of the company’s stock, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of Hut 8 stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. The trade was a 18.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the business. Arizona State Retirement System increased its stake in Hut 8 by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock worth $3,154,000 after buying an additional 125 shares during the period. CoreCap Advisors LLC increased its stake in Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares during the period. Arlington Trust Co LLC lifted its stake in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares during the period. Allworth Financial LP increased its stake in shares of Hut 8 by 18.5% during the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock worth $157,000 after acquiring an additional 213 shares during the period. Finally, GAMMA Investing LLC lifted its position in Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.