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

Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Wednesday . The stock had previously closed at $16.74, but opened at $19.25. Hut 8 shares last traded at $19.25, with a volume of 1,394,616 shares trading hands.

Analysts Set New Price Targets

HUT has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Benchmark restated a “buy” rating and set a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th. Craig Hallum upped their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Needham & Company LLC boosted their target price on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus target price of $17.00.

Hut 8 Price Performance

The company’s 50-day moving average is $12.45 and its two-hundred day moving average is $12.24. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. Analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake 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 worth $30,770,000 after purchasing an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the first quarter worth about $18,191,000. D1 Capital Partners L.P. bought a new position in shares of Hut 8 in the second quarter valued at approximately $17,388,000. Millennium Management LLC grew its stake in Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares in the last quarter. Finally, Vident Advisory LLC increased its holdings in Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after acquiring an additional 255,307 shares during the period. 31.75% of the stock is owned by 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.