Hut 8 (NASDAQ:HUT) Shares Gap Up to $11.03

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Tuesday . The stock had previously closed at $11.03, but opened at $11.37. Hut 8 shares last traded at $11.28, with a volume of 406,234 shares.

Analyst Ratings Changes

A number of brokerages have weighed in on HUT. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research report on Wednesday, August 14th. HC Wainwright raised Hut 8 from a “sell” rating to a “buy” rating and increased their target price for the stock from $7.50 to $13.50 in a research note on Wednesday, August 14th. Finally, Craig Hallum lifted their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and an average target price of $16.08.

Hut 8 Stock Up 5.1 %

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 company’s 50-day moving average price is $13.21 and its 200 day moving average price is $11.01.

Hut 8 (NASDAQ:HUT) 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 analysts’ expectations of $38.00 million. Sell-side analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. lifted its stake in shares of Hut 8 by 8,329.2% in 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 acquired a new position in shares of Hut 8 in the first quarter worth about $18,191,000. Van ECK Associates Corp boosted its stake in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares in the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 during the 2nd quarter worth about $17,388,000. Finally, Millennium Management LLC grew its position in shares of Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares during the period. 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.