Hut 8 (NASDAQ:HUT) Shares Gap Down Following Insider Selling

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $13.80, but opened at $13.23. Hut 8 shares last traded at $12.88, with a volume of 1,315,326 shares.

Specifically, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages have commented on HUT. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. Finally, Rosenblatt Securities assumed coverage on Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Hut 8 has an average rating of "Buy" and an average target price of $27.08.

Hut 8 Stock Up 5.6 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm's 50 day simple moving average is $12.49 and its two-hundred day simple moving average is $18.93.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.20) by $0.02. On average, equities analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd acquired a new stake in Hut 8 in the 4th quarter valued at about $26,000. Optiver Holding B.V. acquired a new stake in Hut 8 during the fourth quarter worth $35,000. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in Hut 8 in the 4th quarter valued at about $45,000. 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.