Hut 8 (NASDAQ:HUT) Trading Down 6.1%

Hut 8 Corp. (NASDAQ:HUT) dropped 6.1% during mid-day trading on Tuesday . The stock traded as low as $13.91 and last traded at $13.92. Approximately 2,753,457 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 5,147,114 shares. The stock had previously closed at $14.83.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HUT. HC Wainwright reiterated a “sell” rating and set a $7.50 price target on shares of Hut 8 in a research report on Tuesday, June 25th. Benchmark upped their target price on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Canaccord Genuity Group raised their price target on Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Craig Hallum lifted their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Finally, Needham & Company LLC increased their target price on Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.08.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31. The firm’s fifty day moving average price is $13.62 and its 200-day moving average price is $10.27.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Equities analysts expect that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in 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 buying an additional 2,754,037 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Hut 8 in the first quarter worth $18,191,000. Van ECK Associates Corp boosted its holdings in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Westend Capital Management LLC acquired a new position in Hut 8 during the first quarter worth $5,190,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Hut 8 in the 2nd quarter valued at about $4,390,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.