Hut 8 (NASDAQ:HUT) Shares Up 7.5% – What’s Next?

Shares of Hut 8 Corp. (NASDAQ:HUT) traded up 7.5% during trading on Tuesday . The company traded as high as $85.69 and last traded at $85.50. Approximately 3,462,711 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 4,843,670 shares. The stock had previously closed at $79.56.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Compass Point set a $195.00 price target on Hut 8 in a research report on Wednesday, July 22nd. Loop Capital set a $226.00 price objective on Hut 8 in a report on Monday, June 22nd. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Northland Securities set a $120.00 price target on shares of Hut 8 in a report on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Price Performance

The firm has a market cap of $10.54 billion, a price-to-earnings ratio of -15.69 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock’s 50 day simple moving average is $101.92 and its 200-day simple moving average is $84.32.

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

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the sale, the director directly owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 company’s 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 completion of the sale, the insider owned 31,378 shares in the company, valued at $3,922,250. The trade was a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,219 shares of company stock valued at $5,704,552 over the last 90 days. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently modified their holdings of the business. CoreCap Advisors LLC increased its position in shares of Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares in the last quarter. Arlington Trust Co LLC raised its position in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the last quarter. GAMMA Investing LLC raised its holdings in Hut 8 by 35.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after acquiring an additional 274 shares during the last quarter. CWM LLC increased its holdings in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Hut 8 by 1.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after acquiring an additional 362 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.