Hut 8 (NASDAQ:HUT) Stock Price Up 3% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 3% during mid-day trading on Friday . The stock traded as high as $88.06 and last traded at $85.44. Approximately 5,426,866 shares traded hands during trading, an increase of 13% from the average session volume of 4,810,668 shares. The stock had previously closed at $82.95.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. B. Riley Financial boosted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Citizens Jmp lifted their price target on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Finally, Benchmark increased their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. One equities 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Price Performance

The company has a market cap of $10.53 billion, a price-to-earnings ratio of -15.68 and a beta of 4.64. The stock’s 50-day simple moving average is $106.32 and its 200 day simple moving average is $83.13. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.

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

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,719 shares of the company’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 transaction, the director directly owned 10,519 shares in the company, valued at $1,240,295.29. This represents a 42.32% decrease in their ownership of the stock. 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 the firm’s stock in a transaction on 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. This represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 68,219 shares of company stock worth $7,720,152. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in Hut 8 during the 2nd quarter valued at about $9,057,000. The Manufacturers Life Insurance Company purchased a new stake in Hut 8 during the second quarter worth about $5,171,000. Thomist Capital Management LP purchased a new stake in Hut 8 during the second quarter worth about $2,446,000. Van Hulzen Asset Management LLC acquired a new stake in shares of Hut 8 during the second quarter worth about $225,000. Finally, Algert Global LLC lifted its position in shares of Hut 8 by 59.9% during the second quarter. Algert Global LLC now owns 119,540 shares of the company’s stock worth $13,800,000 after purchasing an additional 44,770 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.