Hut 8 (NASDAQ:HUT) Trading 8% Higher – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares were up 8% during mid-day trading on Thursday . The company traded as high as $89.16 and last traded at $88.65. 4,438,414 shares traded hands during trading, a decline of 8% from the average session volume of 4,823,084 shares. The stock had previously closed at $82.08.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of recent analyst reports. Loop Capital set a $226.00 price target on Hut 8 in a research note on Monday, June 22nd. BTIG Research boosted their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Benchmark increased their target price on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Northland Securities set a $120.00 price target on shares of Hut 8 in a report on Thursday, May 7th. Finally, Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Stock Performance

The stock has a market cap of $10.93 billion, a P/E ratio of -16.27 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock’s 50 day simple moving average is $104.04 and its two-hundred day simple moving average is $83.77.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $72.66 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the previous year, the business earned $1.18 earnings per share. As a group, research analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Activity

In other news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This represents a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 48,219 shares of company stock worth $5,704,552 in the last three months. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Hut 8 during the second quarter worth $1,093,294,000. Northwestern Mutual Wealth Management Co. lifted its position in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after buying an additional 4,062,367 shares in the last quarter. SRS Investment Management LLC acquired a new position in shares of Hut 8 during the 4th quarter worth about $131,838,000. Sachem Head Capital Management LP acquired a new position in shares of Hut 8 during the 4th quarter worth about $129,780,000. Finally, Ameriprise Financial Inc. grew its holdings in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after acquiring an additional 2,269,237 shares in the last quarter. 31.75% of the stock is owned by institutional investors.

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.