Hut 8 (NASDAQ:HUT) Shares Gap Up - Still a Buy?

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 traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on HUT shares. BTIG Research assumed coverage on Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. JMP Securities started coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective on the stock. Canaccord Genuity Group restated a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a report on Monday, May 12th. Finally, Northland Securities assumed coverage on shares of Hut 8 in a research report on Monday, April 21st. They set an "outperform" rating and a $20.00 price target for the company. Fifteen investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $25.81.

Hut 8 Stock Up 2.1%

The firm's 50-day moving average price is $13.33 and its 200-day moving average price is $18.91. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 1.4% during the first quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company's stock worth $76,075,000 after purchasing an additional 87,550 shares during the period. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 during the fourth quarter worth about $37,400,000. BIT Capital GmbH raised its stake in Hut 8 by 11.5% during the fourth quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after acquiring an additional 187,773 shares during the period. D. E. Shaw & Co. Inc. bought a new position in Hut 8 in the fourth quarter worth about $27,115,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in Hut 8 by 181.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after acquiring an additional 829,484 shares during the period. 31.75% of the stock is currently 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.