Hut 8 (NASDAQ:HUT) Hits New 52-Week High - Time to Buy?

Key Points

• Hut 8 Corp. reached a new 52-week high at $35.65, with significant trading volume of over 5.8 million shares.
• Wall Street analysts are optimistic, with a consensus rating of "Buy" and several firms increasing their price targets significantly, including Roth Capital raising theirs to $60.00.
• Insider transactions indicate some selling, with CFO Sean Glennan and Director Joseph Flinn reducing their holdings by over 49% and 35%, respectively, raising questions about internal confidence.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $35.65 and last traded at $35.03, with a volume of 5845691 shares trading hands. The stock had previously closed at $34.19.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on HUT shares. BTIG Research upped their price target on shares of Hut 8 from $25.00 to $33.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Northland Securities set a $26.00 target price on shares of Hut 8 in a report on Friday, July 11th. Rosenblatt Securities reduced their target price on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a report on Monday, August 11th. Canaccord Genuity Group increased their target price on shares of Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Maxim Group increased their target price on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Three research analysts have rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $29.88.

Hut 8 Stock Down 3.0%

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The business's fifty day simple moving average is $24.71 and its 200-day simple moving average is $18.38.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The business had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director owned 19,791 shares of the company's stock, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,129 shares of company stock valued at $574,044 over the last quarter. Corporate insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

A number of institutional investors have recently bought and sold shares of HUT. Ameriprise Financial Inc. bought a new stake in Hut 8 in the fourth quarter worth $3,065,000. Bank of America Corp DE increased its stake in shares of Hut 8 by 16.8% during the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock valued at $3,002,000 after buying an additional 21,058 shares during the period. Deutsche Bank AG increased its stake in shares of Hut 8 by 46.8% during the fourth quarter. Deutsche Bank AG now owns 71,375 shares of the company's stock valued at $1,462,000 after buying an additional 22,746 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Hut 8 by 2.5% during the fourth quarter. Nuveen Asset Management LLC now owns 226,673 shares of the company's stock valued at $4,645,000 after buying an additional 5,590 shares during the period. Finally, Nomura Holdings Inc. purchased a new position in shares of Hut 8 during the fourth quarter valued at $208,000. 31.75% of the stock is currently owned by 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.