Hut 8 (NASDAQ:HUT) Shares Up 7.1% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares were up 7.1% on Tuesday . The company traded as high as $16.72 and last traded at $16.66. Approximately 1,657,477 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 4,913,015 shares. The stock had previously closed at $15.56.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on HUT shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Craig Hallum lifted their price objective on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Finally, Needham & Company LLC lifted their price target on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average target price of $17.00.

Hut 8 Price Performance

The stock’s 50-day moving average price is $12.34 and its 200-day moving average price is $12.18. 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 posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, analysts forecast that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Entropy Technologies LP purchased a new position in shares of Hut 8 during the 3rd quarter worth about $170,000. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the 3rd quarter worth about $40,000. AM Investment Strategies LLC lifted its holdings in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after acquiring an additional 1,521 shares during the period. SteelPeak Wealth LLC purchased a new position in shares of Hut 8 during the 3rd quarter worth about $568,000. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Hut 8 by 2.1% during the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after acquiring an additional 1,027 shares during the period. 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.