Hut 8 (NASDAQ:HUT) Stock Price Up 1.3% - Here's Why

Key Points

• Hut 8 shares rose 1.3% to $90.99 in active trading, with volume about 13% above its average daily level.
• Analyst sentiment remains broadly positive: the stock has a consensus “Buy” rating and an average price target of $146.40, although ratings range from “Strong Buy” to “Strong Sell.”
• The company’s latest quarter was weaker than expected, reporting a $1.27 loss per share versus a projected $0.55 loss and revenue of $74.93 million versus the $79.37 million consensus estimate.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares shot up 1.3% on Thursday . The company traded as high as $98.57 and last traded at $90.99. Approximately 5,439,156 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 4,811,855 shares. The stock had previously closed at $89.82.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on HUT shares. B. Riley Financial increased their target price on Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. Morgan Stanley began coverage on Hut 8 in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $263.00 price objective for the company. Finally, Wall Street Zen downgraded Hut 8 from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $146.40.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The company has a market capitalization of $11.22 billion, a PE ratio of -16.71 and a beta of 4.51. The stock has a 50-day simple moving average of $93.40 and a 200 day simple moving average of $88.46.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The business had revenue of $74.93 million during the quarter, compared to analysts' expectations of $79.37 million. During the same quarter in the prior year, the firm earned $1.18 earnings per share. Equities analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer directly owned 17,978 shares of the company's stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arlington Trust Co LLC grew its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after buying an additional 175 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Hut 8 by 258.5% in the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company's stock valued at $44,000 after purchasing an additional 274 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in Hut 8 in the 1st quarter worth about $47,000. CoreCap Advisors LLC increased its stake in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company's stock valued at $62,000 after acquiring an additional 160 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Hut 8 by 27.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,194 shares of the company's stock worth $103,000 after acquiring an additional 474 shares during the period. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Company Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.

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