Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares traded down 7% on Wednesday . The company traded as low as $15.98 and last traded at $15.72. 2,031,773 shares were traded during mid-day trading, a decline of 65% from the average session volume of 5,798,069 shares. The stock had previously closed at $16.90.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on HUT shares. JMP Securities assumed coverage on Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective for the company. UBS Group set a $33.00 price objective on shares of Hut 8 in a research report on Wednesday, April 2nd. BTIG Research started coverage on shares of Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 target price for the company. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Finally, Benchmark decreased their target price on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Fifteen analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of "Buy" and a consensus target price of $25.81.
View Our Latest Report on HUT
Hut 8 Stock Down 0.4%
The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $13.52 and a two-hundred day moving average price of $18.68.
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 analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. On average, research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Insider Activity
In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business's 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 completion of the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.20% of the company's stock.
Institutional Investors Weigh In On Hut 8
Hedge funds have recently added to or reduced their stakes in the stock. Yaupon Capital Management LP bought a new stake in Hut 8 in the 1st quarter valued at about $3,196,000. Arete Wealth Advisors LLC increased its stake in shares of Hut 8 by 241.5% in the first quarter. Arete Wealth Advisors LLC now owns 67,432 shares of the company's stock valued at $784,000 after purchasing an additional 47,689 shares during the period. Clearline Capital LP bought a new stake in shares of Hut 8 during the first quarter valued at approximately $386,000. Millennium Management LLC grew its holdings in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after buying an additional 35,120 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.
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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