Hut 8 (NASDAQ:HUT) Trading 7.5% Higher - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) rose 7.5% during trading on Friday . The stock traded as high as $17.94 and last traded at $17.54. Approximately 2,204,620 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 5,877,164 shares. The stock had previously closed at $16.32.

Wall Street Analysts Forecast Growth

HUT has been the subject of several recent research reports. Benchmark lowered their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. UBS Group set a $33.00 target price on Hut 8 in a research report on Wednesday, April 2nd. Northland Capmk raised Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Maxim Group initiated coverage on Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 price target on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. Fifteen investment analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Hut 8 has an average rating of "Buy" and a consensus price target of $25.76.

Hut 8 Trading Down 0.1%

The stock has a 50-day simple moving average of $14.05 and a 200 day simple moving average of $18.35. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. On average, equities analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of HUT. Yaupon Capital Management LP purchased a new position in shares of Hut 8 during the first quarter valued at $3,196,000. Arete Wealth Advisors LLC lifted its position 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 worth $784,000 after buying an additional 47,689 shares during the last quarter. Clearline Capital LP acquired a new position in shares of Hut 8 during the 1st quarter worth about $386,000. Millennium Management LLC lifted its position in shares of Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after purchasing an additional 35,120 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Hut 8 by 74.4% during 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 purchasing an additional 471,355 shares during the last quarter. Institutional investors 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.