Hut 8 (NASDAQ:HUT) Shares Gap Up – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Wednesday . The stock had previously closed at $16.74, but opened at $19.25. Hut 8 shares last traded at $19.25, with a volume of 1,394,616 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. 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 report on Tuesday, September 24th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Stifel Nicolaus raised 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, October 30th. HC Wainwright reissued a “buy” rating and set a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Finally, Craig Hallum upped their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average target price of $17.00.

Hut 8 Trading Up 11.1 %

The stock has a 50 day moving average of $12.45 and a 200 day moving average of $12.24. 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 posted 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 firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Equities analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 12.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank lifted its stake in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares in the last quarter. Headlands Technologies LLC bought a new position in Hut 8 in the 1st quarter valued at about $255,000. Vanguard Group Inc. boosted its stake in Hut 8 by 8,329.2% during 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 during the last quarter. Vident Advisory LLC increased its holdings in Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after purchasing an additional 255,307 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in Hut 8 during the 1st quarter worth approximately $18,191,000. Institutional investors own 31.75% of the company’s stock.

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.