Hut 8 (NASDAQ:HUT) Shares Gap Up Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading on Tuesday after BTIG Research raised their price target on the stock from $25.00 to $33.00. The stock had previously closed at $25.48, but opened at $26.68. BTIG Research currently has a buy rating on the stock. Hut 8 shares last traded at $26.94, with a volume of 2,754,183 shares changing hands.

A number of other research analysts also recently issued reports on HUT. Rosenblatt Securities cut their price target on Hut 8 from $24.00 to $23.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Citizens Jmp upgraded Hut 8 to a “strong-buy” rating and set a $25.00 price target on the stock in a report on Thursday, May 22nd. Canaccord Genuity Group lifted their price target on Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Finally, Citigroup initiated coverage on Hut 8 in a research note on Thursday, May 22nd. They set an “outperform” rating on the stock. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $27.82.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director owned 19,791 shares of the company’s stock, valued at approximately $312,104.07. The trade was a 35.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,129 shares of company stock worth $574,044. 11.20% of the stock is owned by company insiders.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tactive Advisors LLC acquired a new stake in Hut 8 during the 2nd quarter worth about $1,225,000. Vident Advisory LLC lifted its position in Hut 8 by 1.5% during the 2nd quarter. Vident Advisory LLC now owns 501,053 shares of the company’s stock worth $9,319,000 after acquiring an additional 7,564 shares during the period. Moore Capital Management LP acquired a new stake in Hut 8 during the 2nd quarter worth about $9,159,000. BNP Paribas Financial Markets lifted its position in Hut 8 by 3,160.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 150,108 shares of the company’s stock worth $2,792,000 after acquiring an additional 145,504 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after acquiring an additional 2,269,237 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Up 15.0%

The company has a fifty day moving average price of $22.64 and a 200-day moving average price of $17.29. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million during the quarter, compared to analysts’ expectations of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. As a group, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

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.