Hut 8 (NASDAQ:HUT) Shares Gap Up - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $16.36, but opened at $16.91. Hut 8 shares last traded at $16.96, with a volume of 2,037,179 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HUT. Maxim Group began coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective for the company. Northland Capmk raised Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. B. Riley began coverage on Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price objective for the company. Benchmark lowered their price objective on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Fifteen investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $25.81.

Hut 8 Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average of $13.25 and a 200-day moving average of $18.93.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Yaupon Capital Management LP purchased a new position in shares of Hut 8 in the 1st quarter valued at $3,196,000. Arete Wealth Advisors LLC increased its holdings in shares of Hut 8 by 241.5% in the 1st quarter. Arete Wealth Advisors LLC now owns 67,432 shares of the company's stock valued at $784,000 after acquiring an additional 47,689 shares during the period. Clearline Capital LP purchased a new position in shares of Hut 8 in the 1st quarter valued at $386,000. Millennium Management LLC increased its holdings in shares of Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company's stock valued at $3,839,000 after acquiring an additional 35,120 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock valued at $12,835,000 after acquiring an additional 471,355 shares during the period. 31.75% of the stock is currently owned by hedge funds and other 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.