Hut 8 (NASDAQ:HUT) Shares Gap Up - Time to Buy?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $21.20, but opened at $21.94. Hut 8 shares last traded at $21.78, with a volume of 1,290,954 shares.

Wall Street Analyst Weigh In

HUT has been the topic of several analyst reports. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Benchmark lowered their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. BTIG Research initiated coverage on shares of Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. Finally, Roth Capital initiated coverage on shares of Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 price target on the stock. Fifteen research analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $25.76.

Hut 8 Trading Down 1.5%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26. The stock's 50-day simple moving average is $16.85 and its two-hundred day simple moving average is $17.20.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data 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). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. As a group, analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $147,150.85. Following the completion of the sale, the insider directly owned 15,738 shares of the company's stock, valued at approximately $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the sale, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. Bank of New York Mellon Corp lifted its stake in Hut 8 by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 245,240 shares of the company's stock worth $5,025,000 after acquiring an additional 6,400 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Hut 8 by 21.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,011,692 shares of the company's stock worth $20,730,000 after acquiring an additional 178,527 shares during the period. Arizona State Retirement System lifted its stake in Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock worth $487,000 after acquiring an additional 637 shares during the period. Amundi purchased a new stake in Hut 8 in the fourth quarter worth about $196,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Hut 8 by 9.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company's stock worth $18,242,000 after acquiring an additional 76,299 shares during the period. 31.75% of the stock is owned by hedge funds and other 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.