Hut 8 (NASDAQ:HUT) Shares Gap Up - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $18.48, but opened at $19.27. Hut 8 shares last traded at $21.42, with a volume of 5,707,567 shares traded.

Analyst Ratings Changes

HUT has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. BTIG Research assumed coverage on Hut 8 in a research note on Monday, April 14th. They set a "buy" rating and a $18.00 target price for the company. Benchmark dropped their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. UBS Group set a $33.00 price target on shares of Hut 8 in a report on Wednesday, April 2nd. 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 objective for the company. Fifteen investment analysts have rated the stock with a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hut 8 has a consensus rating of "Buy" and an average target price of $25.76.

Hut 8 Stock Performance

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $16.53 and a two-hundred day moving average price of $17.30.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm 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, research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victor Semah sold 11,363 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider owned 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in shares of Hut 8 by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 245,240 shares of the company's stock valued at $5,025,000 after purchasing an additional 6,400 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Hut 8 during the fourth quarter valued at about $128,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 buying an additional 178,527 shares during the period. Arizona State Retirement System increased its position in shares of 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 in the last quarter. Finally, Amundi acquired a new stake in shares of Hut 8 during the fourth quarter valued at approximately $196,000. 31.75% of the stock is currently owned by 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.