Hut 8 (NASDAQ:HUT) Stock Price Up 8.5% After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price shot up 8.5% during mid-day trading on Friday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The company traded as high as $99.03 and last traded at $98.74. 7,373,218 shares were traded during trading, an increase of 53% from the average daily volume of 4,832,536 shares. The stock had previously closed at $90.99.

Several other research analysts have also recently issued reports on the company. Loop Capital set a $226.00 price target on Hut 8 in a report on Monday, June 22nd. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. Benchmark boosted their target price on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Needham & Company LLC reduced their target price on Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Morgan Stanley started coverage on Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus target price of $146.40.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Van Hulzen Asset Management LLC acquired a new position in shares of Hut 8 during the 2nd quarter valued at about $225,000. WINTON GROUP Ltd bought a new stake in Hut 8 during the second quarter worth approximately $8,162,000. Engineers Gate Manager LP bought a new stake in Hut 8 during the second quarter worth approximately $275,000. Steamboat Capital Partners LLC acquired a new position in Hut 8 during the second quarter valued at approximately $7,298,000. Finally, Allworth Financial LP grew its holdings in Hut 8 by 18.5% during the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

The company has a market cap of $12.17 billion, a P/E ratio of -18.12 and a beta of 4.51. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The stock’s 50-day moving average price is $93.10 and its 200 day moving average price is $88.73.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the company posted $1.18 earnings per share. As a group, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.