Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $18.57, but opened at $19.47. Hut 8 shares last traded at $18.38, with a volume of 1,589,930 shares trading hands.
Analyst Upgrades and Downgrades
HUT has been the topic of a number of recent analyst reports. Northland Securities assumed coverage on shares of Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Hut 8 currently has an average rating of "Buy" and an average price target of $25.76.
View Our Latest Stock Analysis on Hut 8
Hut 8 Stock Performance
The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50-day simple moving average of $13.94 and a 200 day simple moving average of $18.40.
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 analyst estimates of $33.68 million. Sell-side analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.
Insider Activity
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 value of $147,150.85. Following the transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 11.20% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the 4th quarter worth $35,000. Russell Investments Group Ltd. boosted its stake in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares during the period. Principal Securities Inc. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $45,000. Sterling Capital Management LLC lifted its stake in Hut 8 by 825.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock worth $52,000 after purchasing an additional 2,277 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Hut 8 during the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
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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