Hut 8 (NASDAQ:HUT) Trading 7.4% Higher After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) traded up 7.4% during mid-day trading on Wednesday after BTIG Research raised their price target on the stock from $25.00 to $33.00. BTIG Research currently has a buy rating on the stock. Hut 8 traded as high as $31.28 and last traded at $31.47. 2,577,622 shares were traded during mid-day trading, a decline of 54% from the average session volume of 5,647,981 shares. The stock had previously closed at $29.30.

A number of other research analysts also recently issued reports on the stock. B. Riley assumed coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They issued a “buy” rating and a $25.00 price target on the stock. JMP Securities initiated coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a “market outperform” rating and a $25.00 target price on the stock. Maxim Group boosted their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Roth Capital initiated coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Canaccord Genuity Group boosted their target price on shares of Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $27.82.

Insider Activity

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,129 shares of company stock valued at $574,044. 11.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its position in Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock worth $14,703,000 after purchasing an additional 28,462 shares during the period. Ameriprise Financial Inc. bought a new position in Hut 8 during the fourth quarter worth about $3,065,000. Bank of America Corp DE boosted its position in Hut 8 by 16.8% during the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company’s stock worth $3,002,000 after purchasing an additional 21,058 shares during the period. Balyasny Asset Management L.P. boosted its position in Hut 8 by 354.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 63,317 shares of the company’s stock worth $1,297,000 after purchasing an additional 49,374 shares during the period. Finally, Deutsche Bank AG boosted its position in Hut 8 by 46.8% during the fourth quarter. Deutsche Bank AG now owns 71,375 shares of the company’s stock worth $1,462,000 after purchasing an additional 22,746 shares during the period. Institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The business’s 50-day simple moving average is $22.84 and its two-hundred day simple moving average is $17.38.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. Analysts predict that Hut 8 Corp. will post -0.53 EPS 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.