Hut 8 (NASDAQ:HUT) Shares Gap Up on Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened on Thursday after Canaccord Genuity Group raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $15.32, but opened at $15.91. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 shares last traded at $16.34, with a volume of 1,023,381 shares trading hands.

HUT has been the topic of several other research reports. Needham & Company LLC increased their target price on Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday. Craig Hallum increased their price target on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Benchmark boosted their price objective on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a report on Friday, June 21st. Finally, HC Wainwright reissued a “sell” rating and set a $7.50 price target on shares of Hut 8 in a research report on Tuesday. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, Hut 8 has a consensus rating of “Moderate Buy” and an average price target of $15.08.

Insider Transactions at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the transaction, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 12.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

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

Hut 8 Stock Performance

The stock has a 50 day moving average price of $9.84 and a two-hundred day moving average price of $9.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current 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 analyst estimates of $50.60 million. Equities research analysts predict that Hut 8 Corp. will post -0.43 earnings per share for the current year.

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.