Hut 8 (NASDAQ:HUT) Shares Up 5.5%

Hut 8 Corp. (NASDAQ:HUTGet Free Report) traded up 5.5% during trading on Monday . The stock traded as high as $17.43 and last traded at $17.39. 2,679,274 shares traded hands during trading, a decline of 46% from the average session volume of 4,977,882 shares. The stock had previously closed at $16.49.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HUT. Canaccord Genuity Group raised their price target on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Benchmark boosted their target price on shares of Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Needham & Company LLC increased their price target on shares of 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 restated a “sell” rating and set a $7.50 price objective on shares of Hut 8 in a research note on Tuesday, June 25th. Finally, Craig Hallum lifted their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.08.

Check Out Our Latest Analysis on HUT

Hut 8 Stock Performance

The company’s 50-day moving average price is $11.16 and its two-hundred day moving average price is $9.88. 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:HUTGet Free Report) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The business had revenue of $51.74 million for the quarter, compared to analysts’ expectations of $50.60 million. Equities research analysts anticipate that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the transaction, the chief financial officer now owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of HUT. Global Retirement Partners LLC grew its position in shares of Hut 8 by 280.1% during 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 in the last quarter. Triton Wealth Management PLLC grew its position in Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after buying an additional 2,490 shares in the last quarter. Headlands Technologies LLC bought a new position in Hut 8 during the 1st quarter worth $255,000. AM Investment Strategies LLC acquired a new position in Hut 8 in the 4th quarter valued at $597,000. Finally, Foundations Investment Advisors LLC bought a new stake in shares of Hut 8 during the 4th quarter valued at $605,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

(Get Free Report)

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.

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