Hut 8 (NASDAQ:HUT) Shares Gap Up to $11.03

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $11.03, but opened at $11.37. Hut 8 shares last traded at $11.28, with a volume of 406,234 shares changing hands.

Analyst Ratings Changes

HUT has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Hut 8 in a research note on Friday, August 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum boosted their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, HC Wainwright upgraded shares of 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 note on Wednesday, August 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target 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 company has a 50-day moving average price of $13.03 and a 200-day moving average price of $11.03.

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

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The transaction was disclosed in a document filed 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 the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares in the company, 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 Trading of Hut 8

Institutional investors have recently made changes to their positions in the business. Clearline Capital LP acquired a new stake in Hut 8 in the 2nd quarter valued at $280,000. Ninepoint Partners LP acquired a new stake in shares of Hut 8 in the 2nd quarter valued at $720,000. The Manufacturers Life Insurance Company bought a new stake in shares of Hut 8 in the 2nd quarter worth about $460,000. Millennium Management LLC increased its position in shares of Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares in the last quarter. Finally, D1 Capital Partners L.P. bought a new position in Hut 8 during the 2nd quarter valued at about $17,388,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.