Hut 8 (NASDAQ:HUT) Trading Up 11.7% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 11.7% during trading on Monday . The stock traded as high as $38.37 and last traded at $38.3540. 3,345,300 shares traded hands during trading, a decline of 46% from the average session volume of 6,172,107 shares. The stock had previously closed at $34.34.

Analyst Ratings Changes

HUT has been the subject of a number of recent analyst reports. Roth Capital reissued a “buy” rating and set a $60.00 price target (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a report on Thursday. Maxim Group boosted their target price on shares of Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. JMP Securities upped their target price on shares of Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 21st. Finally, B. Riley reiterated a “buy” rating on shares of Hut 8 in a research note on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $48.80.

Hut 8 Trading Up 14.3%

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $42.38 and its two-hundred day moving average is $28.34. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of -100.67 and a beta of 4.40.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The business had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Equities analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 8,500 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its position in Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after buying an additional 655 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Hut 8 by 67.2% during the third quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock worth $79,000 after buying an additional 907 shares during the period. Russell Investments Group Ltd. grew its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Hut 8 in the 1st quarter valued at approximately $32,000. 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.