Hut 8 (NASDAQ:HUT) Shares Up 6.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares were up 6.6% during trading on Friday . The stock traded as high as $38.78 and last traded at $38.3850. Approximately 4,679,872 shares were traded during trading, a decline of 24% from the average daily volume of 6,125,597 shares. The stock had previously closed at $36.02.

Analyst Ratings Changes

A number of analysts have commented on the company. Roth Capital reissued a “buy” rating and issued a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hut 8 in a research report on Friday, October 31st. Cantor Fitzgerald lifted their price objective on Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus target price of $48.80.

Hut 8 Stock Up 7.3%

The company’s 50 day moving average price is $41.41 and its two-hundred day moving average price is $26.97. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.17 billion, a PE ratio of -98.09 and a beta of 4.40.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. On average, equities research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Activity

In other news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company’s stock, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,060 shares of company stock worth $399,485 in the last ninety days. Corporate insiders own 11.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. State of Wyoming bought a new position in shares of Hut 8 during the 1st quarter valued at approximately $32,000. Finally, US Bancorp DE boosted its position in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after acquiring an additional 3,209 shares during the last quarter. 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.