Hut 8 (NASDAQ:HUT) Shares Up 6.6% – Still a Buy?

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HUT shares. Rosenblatt Securities restated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research report on Wednesday, November 5th. Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Canaccord Genuity Group raised their price objective on Hut 8 from $36.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Hut 8 in a research report on Friday, October 31st. Finally, Piper Sandler set a $74.00 price target on Hut 8 and gave the company an “overweight” rating in a report on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $48.80.

Hut 8 Stock Up 7.3%

The business’s 50-day simple moving average is $41.41 and its 200 day simple moving average 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The business had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. As a group, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the transaction, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,060 shares of company stock worth $399,485 over the last 90 days. Company insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of HUT. Teacher Retirement System of Texas purchased a new position in shares of Hut 8 during the first quarter worth $143,000. Baird Financial Group Inc. acquired a new stake in Hut 8 during the 1st quarter worth about $360,000. Zweig DiMenna Associates LLC purchased a new position in shares of Hut 8 during the 2nd quarter valued at about $3,688,000. Nuveen LLC acquired a new position in shares of Hut 8 in the 1st quarter valued at about $2,508,000. Finally, Tobam boosted its stake in shares of Hut 8 by 48.9% in the second quarter. Tobam now owns 34,945 shares of the company’s stock worth $650,000 after buying an additional 11,482 shares during the last quarter. Institutional investors and hedge funds 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.