Hut 8 (NASDAQ:HUT) Shares Down 4.6%

Shares of Hut 8 Corp. (NASDAQ:HUT) dropped 4.6% on Friday . The company traded as low as $12.34 and last traded at $12.41. 1,645,636 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 4,624,556 shares. The stock had previously closed at $13.01.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HUT shares. Craig Hallum lifted their price target on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price target on shares of Hut 8 in a report on Thursday, May 16th. HC Wainwright reduced their price objective on Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research note on Thursday, May 16th. Needham & Company LLC upped their target price on shares of Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. Finally, Benchmark raised their price target on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.42.

Hut 8 Stock Performance

The firm’s 50-day moving average price is $9.29 and its 200-day moving average price is $9.46. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. The firm had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. Research analysts predict that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC raised its position in Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the period. Triton Wealth Management PLLC boosted its holdings in Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after acquiring an additional 2,490 shares during the period. Headlands Technologies LLC bought a new position in Hut 8 during the 1st quarter worth approximately $255,000. AM Investment Strategies LLC purchased a new position in Hut 8 in the 4th quarter worth approximately $597,000. Finally, Foundations Investment Advisors LLC bought a new stake in Hut 8 in the fourth quarter valued at approximately $605,000. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.