Hut 8 (NASDAQ:HUT) Stock Price Up 7.1% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares traded up 7.1% during mid-day trading on Tuesday . The stock traded as high as $16.72 and last traded at $16.66. 1,657,477 shares were traded during trading, a decline of 66% from the average session volume of 4,913,015 shares. The stock had previously closed at $15.56.

Analysts Set New Price Targets

HUT has been the subject of several research reports. 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. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. Needham & Company LLC upped their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright restated a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Finally, Stifel Nicolaus upped their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $17.00.

Hut 8 Price Performance

The firm’s 50-day moving average is $12.62 and its two-hundred day moving average is $12.28. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insider Buying and Selling

In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently added to or reduced their stakes in the stock. D1 Capital Partners L.P. bought a new stake in Hut 8 in the 2nd quarter valued at approximately $17,388,000. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Millennium Management LLC lifted its position in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares in the last quarter. Swiss National Bank lifted its position in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after buying an additional 54,100 shares in the last quarter. Finally, Ninepoint Partners LP acquired a new position in Hut 8 during the second quarter valued at approximately $720,000. 31.75% of the stock is owned by 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.