Hut 8 (NASDAQ:HUT) Shares Gap Up to $14.79

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened on Friday . The stock had previously closed at $14.79, but opened at $16.08. Hut 8 shares last traded at $16.12, with a volume of 1,142,485 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on HUT. Benchmark raised their target price on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, June 21st. HC Wainwright reaffirmed a “sell” rating and set a $7.50 price objective on shares of Hut 8 in a report on Tuesday, June 25th. Canaccord Genuity Group upped their target price on shares of Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Craig Hallum raised their price target on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, Needham & Company LLC upped their price objective on Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.08.

Hut 8 Trading Up 6.5 %

The business has a fifty day moving average of $13.40 and a 200-day moving average of $10.25. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The firm had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. On average, analysts expect that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the transaction, the chief financial officer now owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. Nomura Holdings Inc. purchased a new stake in shares of Hut 8 in the fourth quarter worth $1,774,000. Van ECK Associates Corp raised its holdings in Hut 8 by 79.6% in the first 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. Wellington Management Group LLP lifted its stake in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after buying an additional 754,891 shares in the last quarter. Swiss National Bank grew its holdings in shares of Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the last quarter. Finally, Savior LLC bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $1,543,000. 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.