Hut 8 (NASDAQ:HUT) Shares Up 8.6%

Hut 8 Corp. (NASDAQ:HUT) shot up 8.6% during trading on Monday . The stock traded as high as $16.47 and last traded at $16.28. 2,148,258 shares traded hands during trading, a decline of 57% from the average session volume of 4,964,560 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Benchmark upped their price objective on Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Needham & Company LLC upped their price objective on Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 24th. HC Wainwright reaffirmed a “sell” rating and issued a $7.50 price objective on shares of Hut 8 in a research note on Tuesday, June 25th. Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, Canaccord Genuity Group upped their price objective on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.08.

Hut 8 Trading Up 2.8 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a 50 day simple moving average of $10.22 and a two-hundred day simple moving average of $9.72.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to analyst estimates of $50.60 million. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.43 earnings per share for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

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

About Hut 8

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.