Hut 8 (NASDAQ:HUT) Hits New 52-Week High - Here's What Happened

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)'s stock price reached a new 52-week high on Thursday . The stock 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.

Wall Street Analyst Weigh In

Several research analysts have commented on HUT shares. Roth Capital reissued a "buy" rating and set a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research note on Monday. Citigroup began coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set an "outperform" rating for the company. Maxim Group raised their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Rosenblatt Securities decreased their target price on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Finally, JMP Securities began coverage on Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $29.88.

Hut 8 Stock Performance

The company has a fifty day simple moving average of $23.79 and a 200 day simple moving average of $17.91. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.

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

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's 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 transaction, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,129 shares of company stock valued at $574,044. Company insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

Large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas acquired a new position in shares of Hut 8 in the 1st quarter valued at about $143,000. Bank of America Corp DE increased its holdings in 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 purchasing an additional 21,058 shares in the last quarter. Nuveen LLC acquired a new position in Hut 8 in the first quarter valued at approximately $2,508,000. Baird Financial Group Inc. bought a new position in shares of Hut 8 during the 1st quarter worth approximately $360,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Hut 8 by 481.9% during the 1st quarter. SG Americas Securities LLC now owns 40,615 shares of the company's stock worth $472,000 after buying an additional 33,635 shares in 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.