Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $22.24, but opened at $21.60. Hut 8 shares last traded at $22.18, with a volume of 1,170,948 shares traded.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Citigroup began coverage on Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating on the stock. BTIG Research began coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. UBS Group set a $33.00 price objective on shares of Hut 8 in a report on Wednesday, April 2nd. Benchmark dropped their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $26.12.
Read Our Latest Research Report on Hut 8
Hut 8 Stock Performance
The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $18.23 and a two-hundred day simple moving average of $17.14.
Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The company had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. As a group, analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.
Insider Transactions at Hut 8
In related news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider directly owned 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Hut 8
Several hedge funds have recently modified their holdings of HUT. Optiver Holding B.V. acquired a new position in shares of Hut 8 during the 4th quarter valued at $35,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after acquiring an additional 1,823 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Hut 8 by 825.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock valued at $52,000 after acquiring an additional 2,277 shares in the last quarter. State of Wyoming acquired a new position in shares of Hut 8 during the 1st quarter valued at $32,000. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Hut 8 during the 4th quarter valued at $57,000. 31.75% of the stock is owned by institutional investors and hedge funds.
Hut 8 Company Profile
(
Get Free Report)
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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