Hut 8 (NASDAQ:HUT) Trading Up 7.1% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price shot 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 changed hands during mid-day trading, a decline of 66% from the average session volume of 4,913,015 shares. The stock had previously closed at $15.56.

Analyst Ratings Changes

A number of equities analysts have weighed in on HUT shares. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Monday, October 7th. Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright reissued a “buy” rating and set a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Craig Hallum upped their price objective on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $17.00.

Hut 8 Stock Up 2.0 %

The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $12.62 and a two-hundred day moving average price of $12.28.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS 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 analyst estimates of $38.00 million. On average, research analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Large investors have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 during the third quarter worth $40,000. Amalgamated Bank bought a new stake in Hut 8 during the second quarter valued at $42,000. Victory Capital Management Inc. acquired a new stake in Hut 8 during the 2nd quarter worth about $154,000. Entropy Technologies LP bought a new position in shares of Hut 8 in the 3rd quarter worth about $170,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $200,000. 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.