Hut 8 (NASDAQ:HUT) Stock Price Up 22.8% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) rose 22.8% during mid-day trading on Thursday . The company traded as high as $108.73 and last traded at $108.27. Approximately 5,480,548 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 4,819,117 shares. The stock had previously closed at $88.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Needham & Company LLC raised their target price on shares of Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Loop Capital set a $226.00 price target on Hut 8 in a research note on Monday, June 22nd. Canaccord Genuity Group increased their price target on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Northland Securities set a $120.00 price objective on Hut 8 in a research note on Thursday, May 7th. Finally, Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Eighteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.20.

Hut 8 Price Performance

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 $12.19 billion, a price-to-earnings ratio of -36.09 and a beta of 4.62. The business’s 50 day simple moving average is $111.75 and its 200-day simple moving average is $80.30.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. On average, research analysts forecast that Hut 8 Corp. will post -2.52 earnings per share for the current year.

Insider Activity

In other Hut 8 news, insider Victor Semah sold 10,518 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the transaction, the insider directly owned 41,378 shares in the company, valued at $3,179,071.74. The trade was a 20.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares of the company’s stock, valued at $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 112,724 shares of company stock valued at $12,184,340. 10.40% of the stock is owned by insiders.

Institutional Trading of Hut 8

Large investors have recently bought and sold shares of the business. 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 last quarter. SRS Investment Management LLC bought a new position in shares of Hut 8 in the fourth quarter worth about $131,838,000. Sachem Head Capital Management LP acquired a new stake in shares of Hut 8 in the 4th quarter valued at approximately $129,780,000. Ameriprise Financial Inc. grew its holdings in shares of Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. grew its holdings in shares of Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

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.