Hut 8 (NASDAQ:HUT) Stock Price Up 11.5% - Here's Why

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) were up 11.5% during trading on Monday . The stock traded as high as $16.64 and last traded at $16.62. Approximately 1,107,718 shares were traded during trading, a decline of 77% from the average daily volume of 4,857,215 shares. The stock had previously closed at $14.90.

Analysts Set New Price Targets

Several equities analysts have commented on HUT shares. Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Benchmark reiterated a "buy" rating and set a $17.00 price objective on shares of Hut 8 in a research report on Monday, October 7th. Craig Hallum increased their price objective 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. Needham & Company LLC increased their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Finally, HC Wainwright reiterated a "buy" rating and set a $13.50 price objective on shares of Hut 8 in a research report on Friday, September 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $16.50.

Hut 8 Price Performance

The company's fifty day moving average price is $11.78 and its 200-day moving average price is $11.79. 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 - Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping 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. Research analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated 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 in the company, 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 the SEC website. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now owns 11,861 shares of the company's stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the firm's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. increased its position 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 period. Tidal Investments LLC purchased a new position in shares of Hut 8 in the 1st quarter worth approximately $18,191,000. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the 2nd quarter worth approximately $17,388,000. Van ECK Associates Corp grew its position in shares of Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company's stock worth $13,920,000 after buying an additional 558,824 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Hut 8 in the 2nd quarter worth approximately $4,390,000. Hedge funds and other 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.