Hut 8 (NASDAQ:HUT) Trading Up 9% – Here’s Why

Shares of Hut 8 Corp. (NASDAQ:HUT) were up 9% during trading on Friday . The company traded as high as $43.93 and last traded at $44.31. Approximately 1,630,775 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 5,940,926 shares. The stock had previously closed at $40.64.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on HUT shares. BTIG Research lifted their price objective on Hut 8 from $33.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. JMP Securities lifted their price objective on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research report on Tuesday. Canaccord Genuity Group lifted their price objective on Hut 8 from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Rosenblatt Securities raised their target price on Hut 8 from $30.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Citigroup restated an “outperform” rating on shares of Hut 8 in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $38.41.

Hut 8 Trading Up 17.3%

The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $35.25 and a 200-day simple moving average of $23.56.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The business had revenue of $41.72 million for the quarter, compared to analysts’ expectations of $49.10 million. As a group, equities analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Activity

In other news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. The trade was a 49.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. This trade represents a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,060 shares of company stock worth $399,485 in the last quarter. 11.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Vanguard Group Inc. lifted its stake in Hut 8 by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock valued at $76,075,000 after acquiring an additional 87,550 shares in the last quarter. Geode Capital Management LLC lifted its stake in Hut 8 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after acquiring an additional 309,113 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after acquiring an additional 2,269,237 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after acquiring an additional 829,484 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock valued at $12,835,000 after acquiring an additional 471,355 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

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.