Hut 8 (NASDAQ:HUT) Trading 5.2% Higher - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price rose 5.2% on Tuesday . The company traded as high as $19.24 and last traded at $19.57. Approximately 780,748 shares were traded during trading, a decline of 86% from the average daily volume of 5,750,288 shares. The stock had previously closed at $18.60.

Analyst Ratings Changes

A number of research analysts have issued reports on HUT shares. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Northland Securities initiated coverage on Hut 8 in a report on Monday, April 21st. They set an "outperform" rating and a $20.00 price objective for the company. Benchmark lowered their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Maxim Group started coverage on Hut 8 in a research note on Thursday, May 1st. They set a "buy" rating and a $20.00 price target for the company. Finally, Roth Capital started coverage on shares of Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $25.76.

Hut 8 Price Performance

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. The company's 50 day moving average price is $16.00 and its 200-day moving average price is $17.37.

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

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred 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 directly owned 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in the company. Jericho Capital Asset Management L.P. bought a new position in Hut 8 during the 4th quarter valued at $37,400,000. D. E. Shaw & Co. Inc. bought a new position in Hut 8 in the 4th quarter worth about $27,115,000. Voloridge Investment Management LLC acquired a new stake in Hut 8 in the 4th quarter valued at approximately $24,170,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Hut 8 during the fourth quarter valued at about $23,009,000. Finally, Invesco Ltd. lifted its holdings in Hut 8 by 1,408.8% in the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after purchasing an additional 874,572 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Company Profile

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.