Hut 8 (NASDAQ:HUT) Shares Gap Down – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares gapped down before the market opened on Thursday . The stock had previously closed at $41.73, but opened at $39.17. Hut 8 shares last traded at $40.4290, with a volume of 1,593,404 shares changing hands.

Analyst Ratings Changes

HUT has been the topic of several research analyst reports. JMP Securities upped their target price on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 21st. Piper Sandler set a $74.00 price target on Hut 8 and gave the company an “overweight” rating in a research note on Monday, October 20th. Maxim Group raised their price objective 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. Northland Securities set a $58.00 price objective on shares of Hut 8 in a research note on Wednesday, November 5th. Finally, Canaccord Genuity Group boosted their target price on shares of Hut 8 from $36.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $48.80.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The business’s fifty day moving average price is $41.64 and its 200-day moving average price is $27.14. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -94.72 and a beta of 4.40.

Hut 8 (NASDAQ:HUT) last posted its 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. The company had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 16,060 shares of company stock worth $399,485. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of the company. Creative Planning bought a new stake in shares of Hut 8 in the third quarter valued at $526,000. Value Aligned Research Advisors LLC lifted its holdings in Hut 8 by 59.8% during the third quarter. Value Aligned Research Advisors LLC now owns 1,481,712 shares of the company’s stock valued at $51,578,000 after purchasing an additional 554,672 shares during the last quarter. Virtu Financial LLC bought a new position in Hut 8 during the third quarter worth about $237,000. California State Teachers Retirement System grew its position in shares of Hut 8 by 21.4% during the 3rd quarter. California State Teachers Retirement System now owns 92,979 shares of the company’s stock valued at $3,237,000 after purchasing an additional 16,411 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Hut 8 by 23.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,323 shares of the company’s stock worth $742,000 after buying an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors 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.