Hut 8 (NASDAQ:HUT) Trading 6.6% Higher – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT) shares traded up 6.6% during trading on Friday . The stock traded as high as $16.59 and last traded at $16.60. 1,461,227 shares traded hands during trading, a decline of 72% from the average session volume of 5,292,395 shares. The stock had previously closed at $15.58.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Rosenblatt Securities assumed coverage on shares of Hut 8 in a report on Friday, March 7th. They set a “buy” rating and a $23.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. BTIG Research assumed coverage on shares of Hut 8 in a report on Monday, April 14th. They set a “buy” rating and a $18.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Finally, Maxim Group initiated coverage on shares of Hut 8 in a report on Thursday, May 1st. They set a “buy” rating and a $20.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and a consensus target price of $25.93.

Hut 8 Trading Up 9.9%

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average is $12.80 and its 200-day moving average is $18.92.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts’ expectations of $33.68 million. Equities analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 in the fourth quarter valued at approximately $37,400,000. D. E. Shaw & Co. Inc. bought a new position in shares of Hut 8 during the fourth quarter valued at $27,115,000. Voloridge Investment Management LLC bought a new position in shares of Hut 8 during the fourth quarter valued at $24,170,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Hut 8 during the fourth quarter valued at $23,009,000. Finally, Invesco Ltd. raised its stake in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock valued at $19,192,000 after acquiring an additional 874,572 shares during the last quarter. Institutional investors and hedge funds 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.