Hut 8 (NASDAQ:HUT) Posts Earnings Results, Beats Estimates By $0.09 EPS

Hut 8 (NASDAQ:HUT) issued its quarterly earnings data on Tuesday. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09, Zacks reports. The firm had revenue of $84.36 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.

Hut 8 Trading Down 2.3%

NASDAQ HUT traded down $1.11 during trading on Wednesday, hitting $47.00. The stock had a trading volume of 8,265,589 shares, compared to its average volume of 6,069,492. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -85.45 and a beta of 4.40. Hut 8 has a one year low of $10.04 and a one year high of $57.29. The stock has a 50 day simple moving average of $39.08 and a 200 day simple moving average of $25.64.

Insider Activity

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares of the company’s stock, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the firm’s stock in a transaction dated 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 approximately $259,951.05. The trade was a 46.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Hut 8 in the second quarter valued at about $216,000. Sei Investments Co. bought a new stake in shares of Hut 8 in the second quarter valued at about $245,000. Bayesian Capital Management LP bought a new stake in shares of Hut 8 in the second quarter valued at about $246,000. Finally, First Trust Advisors LP raised its holdings in shares of Hut 8 by 11.4% in the second quarter. First Trust Advisors LP now owns 17,816 shares of the company’s stock valued at $331,000 after acquiring an additional 1,828 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Roth Capital restated a “buy” rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Piper Sandler set a $74.00 price objective on Hut 8 and gave the company an “overweight” rating in a research report on Monday, October 20th. Citigroup restated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Maxim Group increased their price target on shares of Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $47.75.

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.