Hut 8 (NASDAQ:HUT) Reaches New 1-Year High - What's Next?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $21.60 and last traded at $21.60, with a volume of 325125 shares changing hands. The stock had previously closed at $19.58.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on HUT shares. Needham & Company LLC raised their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a "buy" rating in a research note on Tuesday, September 24th. Benchmark reissued a "buy" rating and issued a $17.00 price objective on shares of Hut 8 in a research report on Monday, October 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Stifel Nicolaus lifted their price target on Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a report on Wednesday, October 30th. Finally, Craig Hallum upped their price objective on Hut 8 from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has a consensus rating of "Buy" and a consensus target price of $17.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a 50 day simple moving average of $12.98 and a 200 day simple moving average of $12.44.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate 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 research analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 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 value of $89,435.32. Following the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 12.00% of the company's stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter worth about $42,000. Capital Performance Advisors LLP acquired a new stake in Hut 8 during the 3rd quarter valued at approximately $40,000. Victory Capital Management Inc. bought a new position in Hut 8 during the 2nd quarter worth approximately $154,000. Intech Investment Management LLC bought a new position in Hut 8 during the 3rd quarter worth approximately $133,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Hut 8 in the 2nd quarter worth approximately $200,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.