Hut 8 (NASDAQ:HUT) Trading 9% Higher – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT) shares shot up 9% during trading on Wednesday . The company traded as high as $104.25 and last traded at $105.4870. 2,323,994 shares traded hands during trading, a decline of 52% from the average daily volume of 4,866,728 shares. The stock had previously closed at $96.74.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Cantor Fitzgerald boosted their price target on shares of Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Loop Capital set a $226.00 price target on shares of Hut 8 in a research note on Monday, June 22nd. Weiss Ratings lowered Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Finally, Arete Research started coverage on Hut 8 in a research note on Monday, March 23rd. They issued a “buy” rating and a $136.00 target price on the stock. Seventeen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.79.

Hut 8 Price Performance

The company’s 50-day simple moving average is $108.94 and its 200 day simple moving average is $74.47. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $11.87 billion, a price-to-earnings ratio of -35.11 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Equities research analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current year.

Insider Buying and Selling

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director owned 10,519 shares of the company’s stock, valued at $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 112,724 shares of company stock worth $12,184,340 over the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after buying an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. grew its position in Hut 8 by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after acquiring an additional 504,652 shares during the period. SRS Investment Management LLC acquired a new position in Hut 8 during the fourth quarter worth $131,838,000. Finally, Sachem Head Capital Management LP acquired a new position in Hut 8 during the fourth quarter worth $129,780,000. Institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.