Hut 8 (NASDAQ:HUT) Shares Up 8.6%

Hut 8 Corp. (NASDAQ:HUT) rose 8.6% on Monday . The company traded as high as $16.47 and last traded at $16.28. Approximately 2,148,258 shares were traded during trading, a decline of 57% from the average daily volume of 4,964,560 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

HUT has been the topic of a number of recent research reports. Needham & Company LLC increased their target price on Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Benchmark increased their target price on Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Canaccord Genuity Group increased their target price on Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright reiterated a “sell” rating and set a $7.50 target price on shares of Hut 8 in a research note on Tuesday, June 25th. Finally, Craig Hallum increased their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.08.

Hut 8 Stock Performance

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average of $9.98 and a two-hundred day moving average of $9.64.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The business had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. On average, analysts forecast that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the transaction, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Qube Research & Technologies Ltd bought a new position in shares of Hut 8 in the third quarter worth $3,429,000. Wellington Management Group LLP increased its holdings in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after purchasing an additional 754,891 shares during the period. Savior LLC bought a new position in shares of Hut 8 in the fourth quarter worth $1,543,000. AM Investment Strategies LLC bought a new position in shares of Hut 8 in the fourth quarter worth $597,000. Finally, Foundations Investment Advisors LLC purchased a new stake in Hut 8 during the fourth quarter valued at about $605,000. Hedge funds and other institutional investors 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.