Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price rose 9% during mid-day trading on Friday . The company traded as high as $43.93 and last traded at $44.31. Approximately 1,630,775 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 5,940,926 shares. The stock had previously closed at $40.64.
Analyst Ratings Changes
HUT has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Hut 8 in a report on Wednesday, October 8th. BTIG Research increased their price target on shares of Hut 8 from $33.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, October 14th. Piper Sandler set a $74.00 price objective on shares of Hut 8 and gave the company an "overweight" rating in a research note on Monday. Maxim Group increased their target price on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Citigroup reissued an "outperform" rating on shares of Hut 8 in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $38.41.
Get Our Latest Research Report on Hut 8
Hut 8 Price Performance
The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $34.76 and a 200 day simple moving average of $23.22.
Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Equities research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Insider Activity at Hut 8
In other news, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. The trade was a 49.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director owned 9,791 shares of the company's stock, valued at $259,951.05. The trade was a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,060 shares of company stock valued at $399,485 in the last three months. Corporate insiders own 11.20% of the company's stock.
Hedge Funds Weigh In On Hut 8
A number of hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its stake in Hut 8 by 1,043.0% during 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 during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Hut 8 by 181.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after acquiring an additional 829,484 shares during the period. Moore Capital Management LP purchased a new position in Hut 8 in the second quarter worth about $9,159,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Hut 8 by 74.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock valued at $12,835,000 after purchasing an additional 471,355 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Hut 8 by 337.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 454,012 shares of the company's stock valued at $8,445,000 after purchasing an additional 350,112 shares during the last quarter. Institutional investors own 31.75% of the company's stock.
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.
Further Reading
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