Hut 8 (NASDAQ:HUT) Shares Gap Up on Analyst Upgrade

Key Points

• Hut 8's shares experienced a notable **gap up** in trading after BTIG Research **increased its price target** from $25.00 to $33.00, with shares opening at $26.68.
• Several analysts have given **favorable ratings** for Hut 8, resulting in an average rating of **"Buy"** and a current average target price of **$27.82**.
• Insider trading activity included significant stock sales by the CFO and a director, which amounted to a reduction of their positions by **49.05%** and **46.47%**, respectively.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up prior to trading on Tuesday after BTIG Research raised their price target on the stock from $25.00 to $33.00. The stock had previously closed at $25.48, but opened at $26.68. BTIG Research currently has a buy rating on the stock. Hut 8 shares last traded at $26.94, with a volume of 2,754,183 shares trading hands.

Other analysts also recently issued research reports about the company. Maxim Group boosted their price objective on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a report on Thursday, May 22nd. Rosenblatt Securities dropped their price target on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a report on Monday, August 11th. Canaccord Genuity Group raised their price target on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Northland Securities set a $26.00 price objective on Hut 8 in a research report on Friday, July 11th. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $27.82.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. This trade represents a 35.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,129 shares of company stock worth $574,044 in the last three months. Insiders own 11.20% of the company's stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after purchasing an additional 815 shares during the period. Advisors Asset Management Inc. increased its position in Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock worth $30,000 after purchasing an additional 655 shares during the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 during the first quarter valued at about $32,000. US Bancorp DE lifted its stake in Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock valued at $46,000 after buying an additional 1,719 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

The firm's 50 day simple moving average is $23.25 and its 200-day simple moving average is $17.63. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81.

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

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.