Hut 8 (NASDAQ:HUT) Shares Gap Up – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Monday . The stock had previously closed at $11.72, but opened at $12.17. Hut 8 shares last traded at $12.09, with a volume of 504,198 shares trading hands.

Analyst Upgrades and Downgrades

HUT has been the subject of several analyst reports. Benchmark reissued a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. HC Wainwright reiterated a “buy” rating and set a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Needham & Company LLC boosted their price objective on 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 set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Craig Hallum increased their target price on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $16.50.

Hut 8 Stock Up 3.3 %

The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average price of $11.30 and a 200-day moving average price of $11.49.

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

Insiders Place Their Bets

In other news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction 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 owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction dated 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

A number of large investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Hut 8 during the 1st quarter valued at about $18,191,000. Van ECK Associates Corp grew its position in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after buying an additional 558,824 shares during the period. D1 Capital Partners L.P. bought a new stake in Hut 8 in the second quarter valued at $17,388,000. Finally, Millennium Management LLC increased its position in Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after buying an additional 205,836 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.