Hut 8 (NASDAQ:HUT) Shares Gap Down to $11.24

Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Monday . The stock had previously closed at $11.24, but opened at $10.94. Hut 8 shares last traded at $10.58, with a volume of 210,857 shares traded.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. The business has a fifty day simple moving average of $13.12 and a two-hundred day simple moving average of $11.03.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. On average, equities analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insider Transactions at Hut 8

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

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Amalgamated Bank purchased a new position in shares of Hut 8 in the second quarter worth $42,000. Triton Wealth Management PLLC increased its holdings in 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 acquiring an additional 2,490 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Hut 8 in the 2nd quarter worth $154,000. Dimensional Fund Advisors LP bought a new position in shares of Hut 8 during the 2nd quarter valued at about $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after purchasing an additional 3,105 shares in the last quarter. 31.75% of the stock is owned by institutional investors.

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.