Hut 8 (NASDAQ:HUT) Stock Price Down 3.8% – What’s Next?

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

Analyst Upgrades and Downgrades

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

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The business’s 50-day simple moving average is $11.56 and its two-hundred day simple moving average is $11.66.

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

Insider Activity

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

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings 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 valued at $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Hut 8 in the 1st quarter worth about $18,191,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Van ECK Associates Corp lifted its position in shares of 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 purchasing an additional 558,824 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Hut 8 in the second quarter worth about $4,390,000. 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.