Hut 8 (NASDAQ:HUT) Shares Gap Down to $9.97

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Tuesday . The stock had previously closed at $9.97, but opened at $9.69. Hut 8 shares last traded at $9.73, with a volume of 370,379 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Hut 8 in a research report on Friday, August 23rd. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a report on Wednesday, August 14th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum lifted their price objective 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 lifted their price objective for the stock from $7.50 to $13.50 in a report on Wednesday, August 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $16.08.

Hut 8 Stock Performance

The firm has a 50 day moving average of $13.76 and a 200-day moving average of $10.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. On average, equities analysts expect that Hut 8 Corp. will post -0.56 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Hut 8 in the first quarter valued at approximately $18,191,000. Van ECK Associates Corp increased its holdings in shares of Hut 8 by 79.6% in the first 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. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $17,388,000. Finally, Millennium Management LLC increased its holdings in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.