Hut 8 (NASDAQ:HUT) Shares Gap Down to $11.24

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.24, but opened at $10.94. Hut 8 shares last traded at $10.58, with a volume of 210,857 shares.

Analysts Set New Price Targets

A number of analysts have recently weighed in on HUT shares. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and upped their target price for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Hut 8 in a research note on Friday, August 23rd. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum increased their price target on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus target price of $16.08.

Hut 8 Stock Performance

The business’s 50 day moving average price is $13.34 and its two-hundred day moving average price is $11.00. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates 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, analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction 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 sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was 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 of the company’s stock, valued at $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Nomura Holdings Inc. bought a new position in Hut 8 during the 4th quarter worth approximately $1,774,000. Westend Capital Management LLC bought a new position in Hut 8 during the first quarter worth $5,190,000. Triton Wealth Management PLLC lifted its holdings in Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the period. Van ECK Associates Corp grew its holdings in 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 acquiring an additional 558,824 shares during the period. Finally, Swiss National Bank raised its position in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after acquiring an additional 54,100 shares in the last quarter. 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.