Hut 8 (NASDAQ:HUT) Shares Gap Up – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Thursday . The stock had previously closed at $89.82, but opened at $96.50. Hut 8 shares last traded at $89.6030, with a volume of 827,287 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. BTIG Research raised their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Compass Point set a $195.00 target price on shares of Hut 8 in a research note on Wednesday, July 22nd. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. B. Riley Financial lifted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, 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. Three research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $146.40.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of -17.02 and a beta of 4.51. The stock has a 50 day moving average price of $93.40 and a two-hundred day moving average price of $88.46.

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 the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same period in the previous year, the company posted $1.18 EPS. As a group, analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer directly 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 filing with the Securities & Exchange Commission, which is available through this link. 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 insiders.

Institutional Investors Weigh In On Hut 8

Several large investors have recently bought and sold shares of HUT. Arizona State Retirement System grew its position in shares of Hut 8 by 0.5% during the second quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock worth $3,154,000 after acquiring an additional 125 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the period. Arlington Trust Co LLC raised its position in Hut 8 by 175.0% in the 2nd 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 last quarter. Allworth Financial LP raised its position in Hut 8 by 18.5% in the 2nd quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after purchasing an additional 213 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Hut 8 by 35.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.