Hut 8 (NASDAQ:HUT) Trading Up 1.3% Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s share price rose 1.3% on Thursday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The company traded as high as $98.57 and last traded at $90.99. 5,439,156 shares changed hands during trading, an increase of 13% from the average session volume of 4,811,855 shares. The stock had previously closed at $89.82.

Several other research analysts have also commented on HUT. BTIG Research boosted their price target on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Compass Point set a $195.00 price objective on Hut 8 in a research report on Wednesday, July 22nd. Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Benchmark boosted 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. Finally, Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Four 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 data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus price target of $146.40.

Insiders Place Their Bets

In related news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HUT. Van Hulzen Asset Management LLC purchased a new position in Hut 8 during the second quarter valued at approximately $225,000. WINTON GROUP Ltd purchased a new position in shares of Hut 8 in the 2nd quarter valued at about $8,162,000. Engineers Gate Manager LP acquired a new position in Hut 8 in the 2nd quarter worth about $275,000. Steamboat Capital Partners LLC acquired a new stake in Hut 8 in the second quarter valued at approximately $7,298,000. Finally, Allworth Financial LP grew its stake in Hut 8 by 18.5% in the 2nd quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after acquiring an additional 213 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 8.5%

The firm has a market capitalization of $12.17 billion, a PE ratio of -18.12 and a beta of 4.51. The company’s fifty day simple moving average is $93.03 and its 200-day simple moving average is $88.80. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 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 period last year, the firm earned $1.18 EPS. As a group, sell-side analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.