Hut 8 (NASDAQ:HUT) Stock Price Up 8.4% - Time to Buy?

Key Points

• Hut 8 Corp. saw its stock price increase by 8.4% during trading on Thursday, reaching a last traded price of $21.48.
• Multiple analysts have issued buy ratings for Hut 8, with price targets ranging from $20.00 to $32.00.
• Insider transactions revealed that executives sold significant shares of Hut 8 stock, indicating a 41.93% reduction in position for one insider and a 35.87% decrease for another.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shot up 8.4% during mid-day trading on Thursday . The stock traded as high as $21.52 and last traded at $21.48. 1,776,182 shares were traded during mid-day trading, a decline of 69% from the average session volume of 5,653,145 shares. The stock had previously closed at $19.82.

Analysts Set New Price Targets

A number of analysts have commented on HUT shares. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. BTIG Research began coverage on Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 target price on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research note on Monday, May 12th. Maxim Group initiated coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Fifteen investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $26.12.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26. The business has a fifty day simple moving average of $19.06 and a 200 day simple moving average of $16.93.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. Analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the stock in a transaction dated 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 sale, the insider owned 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction that occurred 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. The trade was a 35.87% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Several large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 116.4% in the second 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. State of Wyoming purchased a new stake in Hut 8 in the 1st quarter worth about $32,000. Optiver Holding B.V. bought a new stake in Hut 8 in the 4th quarter valued at about $35,000. US Bancorp DE lifted its holdings in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

About Hut 8

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.