Hut 8 (NASDAQ:HUT) Stock Price Up 5.3% Following Analyst Upgrade

Shares of Hut 8 Corp. (NASDAQ:HUT) rose 5.3% during trading on Tuesday after Needham & Company LLC raised their price target on the stock from $13.00 to $15.00. Needham & Company LLC currently has a buy rating on the stock. Hut 8 traded as high as $13.34 and last traded at $13.20. Approximately 546,769 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,690,246 shares. The stock had previously closed at $12.53.

HUT has been the subject of several other reports. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 target price on shares of Hut 8 in a research report on Thursday, May 16th. Benchmark boosted their target price on shares of Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Craig Hallum boosted their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, HC Wainwright decreased their price objective on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.75.

Insider Buying and Selling

In related news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC raised its stake in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC raised its stake in shares of Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Hut 8 in the 1st quarter valued at $255,000. AM Investment Strategies LLC acquired a new position in shares of Hut 8 in the 4th quarter valued at $597,000. Finally, Foundations Investment Advisors LLC acquired a new position in shares of Hut 8 in the 4th quarter valued at $605,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Up 4.8 %

The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average price is $9.70 and its 200-day moving average price is $9.55.

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

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.