Hut 8 (NASDAQ:HUT) Sets New 12-Month High - Time to Buy?

Key Points

• Hut 8 Corp. shares reached a new 52-week high of $32.06, with significant trading volume of 2,397,363 shares.
• Analysts have rated Hut 8 stock with a consensus of "Buy" and set a price target of $27.82, with four analysts giving a Strong Buy rating.
• Recent insider transactions show significant selling by executives, with a total of 27,129 shares sold, indicating a 49.05% decrease in CFO Sean Joseph Glennan’s ownership.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $31.95 and last traded at $32.06, with a volume of 2397363 shares trading hands. The stock had previously closed at $30.95.

Analyst Ratings Changes

HUT has been the subject of a number of recent analyst reports. Northland Securities set a $26.00 price target on shares of Hut 8 in a report on Friday, July 11th. Roth Capital began coverage on Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Rosenblatt Securities lowered their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Citigroup began coverage on Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating for the company. Finally, B. Riley assumed coverage on Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $27.82.

Hut 8 Stock Up 3.3%

The firm has a 50-day moving average price of $22.84 and a 200 day moving average price of $17.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81.

Hut 8 (NASDAQ:HUT - Get Free Report) last released 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 return on equity of 8.73% and a net margin of 112.81%.The business had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director owned 9,791 shares of the company's stock, valued at $259,951.05. This trade represents a 46.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,129 shares of company stock valued at $574,044. Insiders own 11.20% of the company's stock.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp grew its stake in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after buying an additional 28,462 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Hut 8 in the fourth quarter worth $3,065,000. Bank of America Corp DE grew its stake in shares of Hut 8 by 16.8% in the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after acquiring an additional 21,058 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Hut 8 by 354.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 63,317 shares of the company's stock worth $1,297,000 after purchasing an additional 49,374 shares during the last quarter. Finally, Deutsche Bank AG grew its position in Hut 8 by 46.8% in the 4th quarter. Deutsche Bank AG now owns 71,375 shares of the company's stock worth $1,462,000 after purchasing an additional 22,746 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.

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