Hut 8 (NASDAQ:HUT) Shares Gap Up - Should You Buy?

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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HUT shares. Rosenblatt Securities began coverage on shares of Hut 8 in a research note on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. JMP Securities started coverage on Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price on the stock. UBS Group set a $33.00 price target on Hut 8 in a research note on Wednesday, April 2nd. Roth Capital initiated coverage on Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and an average price target of $25.76.

Hut 8 Stock Down 0.9%

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business's fifty day simple moving average is $14.46 and its two-hundred day simple moving average is $18.30.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. On average, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victor Semah sold 11,363 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Wyoming bought a new position in Hut 8 during the 1st quarter valued at about $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the fourth quarter worth approximately $35,000. US Bancorp DE raised its stake in shares of Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after acquiring an additional 3,209 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings 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 worth $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in Hut 8 during the 4th quarter worth approximately $45,000. 31.75% of the stock is owned by 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.