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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HUT shares. Needham & Company LLC reissued a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Benchmark cut their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. BTIG Research assumed coverage on shares of Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price target on the stock. Roth Capital assumed coverage on shares of Hut 8 in a research note on Friday, June 6th. They issued a "buy" rating and a $25.00 target price for the company. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a report on Monday, May 12th. Fifteen equities research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $25.76.

Hut 8 Trading Down 1.1%

The firm has a fifty day moving average of $17.36 and a 200-day moving average of $17.21. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. As a group, equities analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction dated 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 directly owned 19,791 shares of the company's stock, valued at $312,104.07. This represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider directly owned 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in the company. Optiver Holding B.V. bought a new position in Hut 8 during the fourth quarter worth about $35,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after purchasing an additional 1,823 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Hut 8 by 825.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock valued at $52,000 after purchasing an additional 2,277 shares in the last quarter. State of Wyoming acquired a new position in shares of Hut 8 in the 1st quarter valued at approximately $32,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Hut 8 during the 4th quarter worth approximately $57,000. Institutional investors own 31.75% of the company's stock.

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.