Hut 8 (NASDAQ:HUT) Shares Down 9.6% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price was down 9.6% during trading on Thursday . The stock traded as low as $16.26 and last traded at $16.42. Approximately 4,539,875 shares traded hands during trading, a decline of 8% from the average daily volume of 4,915,835 shares. The stock had previously closed at $18.16.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HUT. Craig Hallum lifted their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Monday, October 7th. Needham & Company LLC increased their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Stifel Nicolaus upped their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $17.00.

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 company’s 50 day moving average price is $12.12 and its 200 day moving average price is $11.97.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, equities analysts predict that Hut 8 Corp. will post -0.56 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 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 transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. This 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 this hyperlink. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated 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 $588,171.42. This represents 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 company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter worth about $42,000. Victory Capital Management Inc. acquired a new position in Hut 8 in the 2nd quarter valued at approximately $154,000. Dimensional Fund Advisors LP acquired a new stake in Hut 8 during the second quarter valued at $200,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Hut 8 during the 1st quarter valued at $255,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.