Hut 8 (NASDAQ:HUT) Shares Gap Up After 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) shares gapped up before the market opened 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.

A number of other equities analysts have also recently commented on the company. B. Riley began coverage on Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 target price on the stock. Rosenblatt Securities decreased their target price on Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Maxim Group raised their target price on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. JMP Securities started coverage on Hut 8 in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price on the stock. Finally, Citigroup started coverage on Hut 8 in a report on Thursday, May 22nd. They set an "outperform" rating on the stock. Four analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $27.82.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the sale, the director owned 19,791 shares in the company, valued at approximately $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. The trade was a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,129 shares of company stock valued at $574,044 in the last 90 days. Company insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

Large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock valued at $28,000 after purchasing an additional 815 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after purchasing an additional 655 shares during the period. State of Wyoming bought a new position in Hut 8 in the first quarter worth approximately $32,000. US Bancorp DE raised 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 buying an additional 3,209 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after buying an additional 1,719 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Up 1.5%

The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The business's 50 day moving average is $23.25 and its 200 day moving average is $17.61.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, sell-side analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal 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.