Hut 8 (NASDAQ:HUT) Stock Price Up 6.3%

Hut 8 Corp. (NASDAQ:HUT)’s stock price rose 6.3% during trading on Thursday . The company traded as high as $11.87 and last traded at $11.71. Approximately 418,994 shares changed hands during trading, a decline of 92% from the average daily volume of 4,932,076 shares. The stock had previously closed at $11.02.

Analysts Set New Price Targets

HUT has been the topic of a number of recent research reports. HC Wainwright upgraded shares of Hut 8 from a “sell” rating to a “buy” rating and lifted their price target for the stock from $7.50 to $13.50 in a report on Wednesday, August 14th. Benchmark reiterated a “buy” rating and set a $17.00 price target on shares of Hut 8 in a report on Wednesday, August 14th. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Hut 8 in a report on Friday, August 23rd. Craig Hallum boosted their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $16.08.

Hut 8 Trading Up 5.5 %

The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $13.03 and its 200-day moving average is $11.03.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Equities analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HUT. Nomura Holdings Inc. bought a new stake in shares of Hut 8 in the fourth quarter valued at approximately $1,774,000. Westend Capital Management LLC bought a new stake in Hut 8 during the 1st quarter valued at $5,190,000. Triton Wealth Management PLLC grew its position in shares of Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares in the last quarter. Van ECK Associates Corp raised its stake 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 purchasing an additional 558,824 shares during the period. Finally, Swiss National Bank lifted its holdings in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares in 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.