Hut 8 (NASDAQ:HUT) Stock Price Up 4% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) shot up 4% during mid-day trading on Wednesday . The stock traded as high as $81.50 and last traded at $80.68. 3,695,064 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 4,818,344 shares. The stock had previously closed at $77.57.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings downgraded Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Keefe, Bruyette & Woods cut their price objective on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Finally, Morgan Stanley started coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $144.89.

Hut 8 Stock Up 4.0%

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 firm has a market cap of $9.94 billion, a price-to-earnings ratio of -14.80 and a beta of 4.51. The business’s 50 day moving average price is $97.17 and its 200 day moving average price is $85.57.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share 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 business had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. During the same period in the previous year, the company posted $1.18 EPS. On average, equities analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Sean Joseph Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 Hut 8 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 approximately $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,664 shares of company stock worth $6,212,160. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CoreCap Advisors LLC boosted its stake in Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares during the last quarter. Arlington Trust Co LLC increased its stake in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Hut 8 by 35.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after acquiring an additional 274 shares during the last quarter. CWM LLC raised its holdings in shares of Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after acquiring an additional 301 shares during the period. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Hut 8 by 41.6% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,274 shares of the company’s stock worth $135,000 after acquiring an additional 374 shares during the period. 31.75% of the stock is owned by hedge funds and other 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.