Hut 8 (NASDAQ:HUT) Stock Price Down 3.8% – Time to Sell?

Shares of Hut 8 Corp. (NASDAQ:HUT) traded down 3.8% on Monday . The company traded as low as $13.81 and last traded at $13.92. 623,556 shares were traded during trading, a decline of 87% from the average session volume of 4,837,996 shares. The stock had previously closed at $14.47.

Analyst Ratings Changes

Several research analysts have commented on HUT shares. HC Wainwright reiterated a “buy” rating and set a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC raised their price target on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research report on Monday, October 7th. Finally, Craig Hallum raised their target price on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $16.50.

Hut 8 Stock Up 2.2 %

The business has a 50-day moving average of $11.56 and a 200-day moving average of $11.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, research analysts forecast that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Hut 8 in the first quarter valued at about $18,191,000. D1 Capital Partners L.P. purchased a new stake in Hut 8 during the second quarter worth about $17,388,000. Van ECK Associates Corp grew its position in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after buying an additional 558,824 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Hut 8 in the second quarter valued at about $4,390,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.