Hut 8 (NASDAQ:HUT) Shares Down 3.8% – Should You Sell?

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

Wall Street Analysts Forecast Growth

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

Hut 8 Price Performance

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 fifty day moving average price of $11.39 and a 200 day moving average price of $11.57.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Equities analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at $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 is available at the SEC website. In related news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Flinn sold 7,618 shares of the company’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 transaction of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The trade was 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

Institutional investors and hedge funds have recently made changes to their positions in the company. Foundations Investment Advisors LLC raised its holdings in shares of Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the period. Amalgamated Bank acquired a new position in shares of Hut 8 during the second quarter worth about $42,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the last quarter. Westend Capital Management LLC boosted its position in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after acquiring an additional 7,827 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Hut 8 during the 2nd quarter worth approximately $154,000. Institutional investors and hedge funds 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.