Hut 8 (NASDAQ:HUT) Trading Up 3.1% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares were up 3.1% on Wednesday . The company traded as high as $94.10 and last traded at $89.82. 3,975,870 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 4,815,497 shares. The stock had previously closed at $87.09.

Analysts Set New Price Targets

A number of research analysts recently weighed in on HUT shares. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. Rosenblatt Securities restated a “buy” rating and issued a $124.00 price objective on shares of Hut 8 in a report on Wednesday, August 5th. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Freedom Broker upgraded Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $146.40.

Hut 8 Trading Up 1.3%

The firm has a fifty day moving average of $93.10 and a 200-day moving average of $88.73. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of -16.70 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter last year, the business posted $1.18 EPS. As a group, equities analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Hut 8

Hedge funds have recently made changes to their positions in the company. Arlington Trust Co LLC boosted its stake in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust increased its stake in Hut 8 by 258.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after buying an additional 274 shares during the period. CoreCap Advisors LLC lifted its holdings in Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in Hut 8 in the 1st quarter worth $47,000. Finally, Meeder Asset Management Inc. purchased a new position in Hut 8 in the 2nd quarter valued at about $119,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.