Hut 8 (NASDAQ:HUT) Shares Gap Down to $13.08

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $13.08, but opened at $12.51. Hut 8 shares last traded at $12.32, with a volume of 1,280,185 shares traded.

Analyst Ratings Changes

Several research analysts have commented on HUT shares. Needham & Company LLC lifted their target price on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Craig Hallum increased their target price 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. HC Wainwright restated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $16.33.

Hut 8 Trading Down 6.2 %

The company has a 50 day simple moving average of $12.13 and a 200-day simple moving average of $11.28. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insider Activity

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the 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 transaction, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 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. Company insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Large investors have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new stake in shares of Hut 8 in the second quarter worth approximately $42,000. Victory Capital Management Inc. bought a new stake in Hut 8 during the second quarter worth $154,000. Dimensional Fund Advisors LP purchased a new stake in Hut 8 in the 2nd quarter valued at $200,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Clearline Capital LP bought a new position in Hut 8 during the 2nd quarter valued at $280,000. Institutional investors own 31.75% of the company’s stock.

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.