Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) dropped 4.5% during trading on Tuesday . The stock traded as low as $17.70 and last traded at $17.63. Approximately 350,988 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 5,876,351 shares. The stock had previously closed at $18.46.
Analyst Upgrades and Downgrades
HUT has been the topic of several research reports. Northland Securities initiated coverage on shares of Hut 8 in a research report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price objective on the stock. Rosenblatt Securities began coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. Roth Capital began coverage on shares of Hut 8 in a research report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. BTIG Research began coverage on shares of Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Fifteen research analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $25.76.
Read Our Latest Research Report on Hut 8
Hut 8 Stock Performance
The stock's fifty day moving average is $15.11 and its two-hundred day moving average is $17.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26.
Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The company had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. Research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.
Insiders Place Their Bets
In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 11.20% of the company's stock.
Hedge Funds Weigh In On Hut 8
A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. Jericho Capital Asset Management L.P. purchased a new position in Hut 8 in the 4th quarter worth approximately $37,400,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of Hut 8 in the 4th quarter valued at $27,115,000. Voloridge Investment Management LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at $24,170,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Hut 8 in the 4th quarter valued at $23,009,000. Finally, Invesco Ltd. boosted its stake in shares of Hut 8 by 1,408.8% in the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.
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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