Hut 8 (NASDAQ:HUT) Shares Gap Down to $12.24

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $12.24, but opened at $11.85. Hut 8 shares last traded at $11.81, with a volume of 564,301 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HUT. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price objective on shares of Hut 8 in a report on Thursday, May 16th. Needham & Company LLC boosted their target price on shares of Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. HC Wainwright dropped their target price on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research note on Thursday, May 16th. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Hut 8 in a report on Friday, June 7th. Finally, Craig Hallum increased their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, Hut 8 currently has a consensus rating of “Moderate Buy” and an average target price of $12.58.

Hut 8 Stock Performance

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average is $9.10 and its 200-day moving average is $9.44.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. Equities research analysts forecast that Hut 8 Corp. will post -0.43 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of HUT. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 8,329.2% in the 1st 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. Qube Research & Technologies Ltd bought a new stake in shares of Hut 8 in the 3rd quarter valued at $3,429,000. Tidal Investments LLC bought a new stake in shares of Hut 8 in the 1st quarter valued at $18,191,000. Wellington Management Group LLP boosted its stake in shares of Hut 8 by 203.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after purchasing an additional 754,891 shares during the last quarter. Finally, Van ECK Associates Corp lifted 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 acquiring an additional 558,824 shares during the period. 31.75% of the stock is 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.