Hut 8 (NASDAQ:HUT) Trading Up 1.3% Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 1.3% during mid-day trading on Thursday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The company traded as high as $98.57 and last traded at $90.99. Approximately 5,439,156 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 4,811,855 shares. The stock had previously closed at $89.82.

Several other research firms also recently commented on HUT. B. Riley Financial boosted their price objective on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Rosenblatt Securities restated a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a research note on Wednesday, August 5th. BTIG Research upped their price objective on shares of 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 price target on Hut 8 in a report on Wednesday, July 22nd. Finally, Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $146.40.

Insiders Place Their Bets

In other news, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its position in shares of Hut 8 by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock valued at $3,154,000 after acquiring an additional 125 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after purchasing an additional 160 shares during the last quarter. Arlington Trust Co LLC increased its position in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the last quarter. Allworth Financial LP raised its stake in Hut 8 by 18.5% in the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after purchasing an additional 213 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Trading Up 8.5%

The firm has a market capitalization of $12.17 billion, a P/E ratio of -18.12 and a beta of 4.51. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm’s 50-day simple moving average is $93.03 and its 200-day simple moving average is $88.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same period in the previous year, the company earned $1.18 EPS. Analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current year.

About Hut 8

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.