Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shot up 7.5% during trading on Friday . The company traded as high as $17.94 and last traded at $17.54. 2,204,620 shares were traded during trading, a decline of 62% from the average session volume of 5,877,164 shares. The stock had previously closed at $16.32.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a report on Thursday, May 22nd. Northland Securities initiated coverage on shares of Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 target price on the stock. JMP Securities began coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price for the company. Benchmark lowered their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, B. Riley started coverage on Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price objective on the stock. Sixteen equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $25.76.
Check Out Our Latest Research Report on Hut 8
Hut 8 Price Performance
The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day moving average of $13.84 and a 200 day moving average of $18.52.
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 the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. As a group, equities research analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.
Insider Transactions at Hut 8
In other news, insider Victor Semah sold 11,363 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.20% of the company's stock.
Hedge Funds Weigh In On Hut 8
Several institutional investors and hedge funds have recently made changes to their positions in HUT. Summit Investment Advisors Inc. lifted its stake in Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock worth $174,000 after purchasing an additional 618 shares during the last quarter. Arizona State Retirement System boosted its holdings in Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after acquiring an additional 637 shares during the period. Victory Capital Management Inc. grew its position in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after acquiring an additional 819 shares during the last quarter. New York State Common Retirement Fund increased its stake in Hut 8 by 5.6% in the 4th quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock worth $556,000 after purchasing an additional 1,440 shares during the period. Finally, Optiver Holding B.V. bought a new stake in Hut 8 in the fourth quarter valued at approximately $35,000. 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.
Further Reading
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