Hut 8 (NASDAQ:HUT) Trading 8.7% Higher – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 8.7% during trading on Wednesday . The stock traded as high as $12.84 and last traded at $12.79. 5,288,248 shares traded hands during trading, an increase of 9% from the average session volume of 4,844,249 shares. The stock had previously closed at $11.77.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. The stock’s 50 day simple moving average is $11.34 and its two-hundred day simple moving average is $11.52.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share 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 analysts’ expectations of $38.00 million. As a group, research analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 value of $89,435.32. Following the transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The trade was 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 corporate insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Westend Capital Management LLC boosted its holdings in shares of Hut 8 by 4.0% in the 3rd quarter. Westend Capital Management LLC now owns 496,940 shares of the company’s stock worth $6,092,000 after purchasing an additional 18,979 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Hut 8 in the 3rd quarter worth about $334,000. Clearline Capital LP purchased a new position in shares of Hut 8 in the 2nd quarter worth about $280,000. Ninepoint Partners LP purchased a new position in shares of Hut 8 in the 2nd quarter worth about $720,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Hut 8 in the 2nd quarter worth about $460,000. 31.75% of the stock is currently owned by hedge funds and other 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.