Hut 8 (NASDAQ:HUT) Shares Down 6.8%

Hut 8 Corp. (NASDAQ:HUT)’s share price fell 6.8% during trading on Friday . The company traded as low as $14.51 and last traded at $15.06. 936,584 shares changed hands during trading, a decline of 81% from the average session volume of 4,955,146 shares. The stock had previously closed at $16.16.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HUT. Craig Hallum lifted their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. HC Wainwright reaffirmed a “sell” rating and set a $7.50 target price on shares of Hut 8 in a report on Tuesday, June 25th. Needham & Company LLC lifted their price target on Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Benchmark lifted their price target on Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Finally, Canaccord Genuity Group lifted their price target on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.08.

Hut 8 Price Performance

The stock has a 50-day moving average price of $10.51 and a 200 day moving average price of $9.81. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. As a group, equities analysts predict that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the transaction, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its stake in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares during the last quarter. Triton Wealth Management PLLC raised its holdings in shares of Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at $255,000. AM Investment Strategies LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at $597,000. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at $605,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

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.