Hut 8 (NASDAQ:HUT) Shares Up 5%

Hut 8 Corp. (NASDAQ:HUT) shares rose 5% during mid-day trading on Wednesday . The company traded as high as $11.77 and last traded at $11.51. Approximately 2,003,329 shares were traded during trading, a decline of 60% from the average daily volume of 5,065,063 shares. The stock had previously closed at $10.96.

Analysts Set New Price Targets

HUT has been the subject of a number of analyst reports. Canaccord Genuity Group raised their price objective on Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Benchmark reiterated a “buy” rating and set a $17.00 price target on shares of Hut 8 in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Hut 8 in a report on Wednesday. Craig Hallum upped their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and upped their price target for the stock from $7.50 to $13.50 in a report on Wednesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $16.08.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The business has a 50-day moving average price of $14.32 and a 200 day moving average price of $10.62.

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

Insider Buying and Selling

In related news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. increased its stake in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Hut 8 during the 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. bought a new position in shares of Hut 8 during the 2nd quarter valued at about $17,388,000. Van ECK Associates Corp increased its position in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Westend Capital Management LLC bought a new position in shares of Hut 8 during the 1st quarter valued at about $5,190,000. 31.75% of the stock is currently owned by institutional investors.

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.