Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price shot up 4.7% during trading on Thursday . The stock traded as high as $23.87 and last traded at $23.42. 3,938,548 shares were traded during trading, a decline of 30% from the average session volume of 5,619,841 shares. The stock had previously closed at $22.36.
Wall Street Analysts Forecast Growth
HUT has been the subject of several research reports. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a research note on Monday, May 12th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Rosenblatt Securities reduced their price target on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research report on Monday. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Finally, B. Riley started coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price objective on the stock. Fifteen investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $26.71.
Read Our Latest Analysis on Hut 8
Hut 8 Trading Down 0.2%
The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. The firm has a 50 day moving average of $19.83 and a two-hundred day moving average of $16.69.
Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Insider Activity at Hut 8
In related news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction on 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 transaction, the director owned 19,791 shares in the company, valued at $312,104.07. This trade represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 11.20% of the company's stock.
Institutional Investors Weigh In On Hut 8
A number of institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its position in shares of Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock valued at $28,000 after buying an additional 815 shares during the period. Advisors Asset Management Inc. increased its holdings in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after buying an additional 655 shares during the last quarter. State of Wyoming purchased a new position in shares of Hut 8 during the first quarter worth about $32,000. Optiver Holding B.V. purchased a new position in shares of Hut 8 during the fourth quarter worth about $35,000. Finally, US Bancorp DE boosted its stake in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after buying an additional 3,209 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.
Hut 8 Company Profile
(
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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