Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) rose 8.2% during mid-day trading on Tuesday . The company traded as high as $17.01 and last traded at $17.19. Approximately 2,535,991 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 5,858,781 shares. The stock had previously closed at $15.89.
Analyst Ratings Changes
Several analysts have weighed in on HUT shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. HC Wainwright reissued a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Maxim Group started coverage on shares of Hut 8 in a research note on Thursday, May 1st. They set a "buy" rating and a $20.00 target price for the company. Northland Securities began coverage on Hut 8 in a research report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price target for the company. Finally, BTIG Research began coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $25.76.
View Our Latest Analysis on Hut 8
Hut 8 Trading Down 5.5%
The firm's 50-day moving average is $15.71 and its two-hundred day moving average is $17.56. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26.
Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share 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 firm had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. As a group, analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.
Insider Activity
In related news, insider Victor Semah sold 11,363 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now directly owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director now owns 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. Insiders own 11.20% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in HUT. State of Wyoming purchased a new position in shares of Hut 8 in the 1st quarter valued at about $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the fourth quarter worth $35,000. US Bancorp DE raised its holdings in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after buying an additional 3,209 shares during the period. Russell Investments Group Ltd. increased its stake in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after buying an additional 1,823 shares during the period. Finally, Principal Securities Inc. purchased a new position in Hut 8 in the 4th quarter valued at about $45,000. Hedge funds and other 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.
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