Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price rose 4.7% during mid-day trading on Thursday . The company traded as high as $23.87 and last traded at $23.42. Approximately 3,938,548 shares were traded during trading, a decline of 30% from the average daily volume of 5,619,841 shares. The stock had previously closed at $22.36.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. JMP Securities began coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target on the stock. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. HC Wainwright restated a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a research report on Monday, May 12th. Finally, Maxim Group boosted their target price on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Four research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $26.71.
Read Our Latest Research Report on Hut 8
Hut 8 Trading Down 10.0%
The firm's 50-day simple moving average is $20.26 and its 200-day simple moving average is $16.75. 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 announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Insider Activity
In other news, Director Joseph Flinn sold 11,069 shares of the firm'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 completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This trade represents a 35.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.20% of the company's stock.
Institutional Investors Weigh In On Hut 8
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Hut 8 by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company's stock worth $76,075,000 after buying an additional 87,550 shares during the period. Geode Capital Management LLC lifted its holdings 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 valued at $47,679,000 after acquiring an additional 309,113 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company's stock valued at $46,255,000 after purchasing an additional 2,269,237 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the 4th quarter valued at $37,400,000. Finally, D. E. Shaw & Co. Inc. bought a new stake in shares of Hut 8 in the 4th quarter worth about $27,115,000. 31.75% of the stock is currently owned by institutional investors.
About Hut 8
(
Get Free Report)
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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