Hut 8 (NASDAQ:HUT) Shares Up 7.1% - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shot up 7.1% on Tuesday . The company traded as high as $16.72 and last traded at $16.66. 1,657,477 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 4,913,015 shares. The stock had previously closed at $15.56.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on HUT. Benchmark reaffirmed a "buy" rating and issued a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th. 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. Needham & Company LLC increased their target price on Hut 8 from $15.00 to $16.50 and gave the company a "buy" rating in a report on Tuesday, September 24th. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a report on Wednesday, October 30th. Finally, Craig Hallum upped their price target on Hut 8 from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has an average 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 business has a 50 day simple moving average of $12.34 and a 200 day simple moving average of $12.18.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, analysts anticipate that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Activity

In other news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction 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 sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.00% of the company's stock.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in Hut 8 in the second quarter valued at $42,000. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the third quarter worth about $40,000. Victory Capital Management Inc. purchased a new position in shares of Hut 8 during the second quarter worth about $154,000. Dimensional Fund Advisors LP purchased a new position in shares of Hut 8 during the second quarter worth about $200,000. Finally, Entropy Technologies LP purchased a new position in shares of Hut 8 during the third quarter worth about $170,000. 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.

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