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

Key Points

• Hut 8 Corp. shares saw a significant increase, opening at $51.93 after closing at $48.46, with current trading at $49.68 and a trading volume of over 1 million shares.
• Analysts remain positive on Hut 8, with multiple firms raising their price targets; Roth Capital increased their target to $60.00, while Piper Sandler set it at $74.00, reflecting a strong consensus on the stock.
• The company reported earnings of ($0.14) EPS, slightly beating expectations, and has a current target price consensus of $36.06, indicating potential growth opportunities for investors.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $48.46, but opened at $51.93. Hut 8 shares last traded at $49.68, with a volume of 1,119,688 shares changing hands.

Analyst Ratings Changes

Several research analysts have commented on the stock. Roth Capital reaffirmed a "buy" rating and set a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Piper Sandler set a $74.00 price target on shares of Hut 8 and gave the stock an "overweight" rating in a research note on Monday. Canaccord Genuity Group upped their price target on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. BTIG Research raised their price objective on shares of Hut 8 from $33.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, October 14th. Finally, Northland Securities set a $26.00 target price on Hut 8 in a research report on Friday, July 11th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Hut 8 has a consensus rating of "Buy" and a consensus target price of $36.06.

Hut 8 Stock Up 3.2%

The firm has a fifty day moving average of $33.00 and a two-hundred day moving average of $22.47. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

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

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 8,500 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the transaction, the director directly owned 9,791 shares of the company's stock, valued at approximately $259,951.05. The trade was a 46.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated 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 transaction, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,060 shares of company stock worth $399,485 over the last quarter. Company insiders own 11.20% of the company's stock.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Vanguard Group Inc. increased its position in shares of Hut 8 by 1.4% during the first quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company's stock worth $76,075,000 after purchasing an additional 87,550 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Hut 8 by 13.7% during the second quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company's stock worth $47,679,000 after acquiring an additional 309,113 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Hut 8 by 1,043.0% during the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company's stock valued at $46,255,000 after acquiring an additional 2,269,237 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after purchasing an additional 829,484 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after purchasing an additional 471,355 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.

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