Hut 8 (NASDAQ:HUT) Trading Up 8.8% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) was up 8.8% during mid-day trading on Friday . The stock traded as high as $101.27 and last traded at $98.60. 5,674,212 shares were traded during mid-day trading, an increase of 18% from the average session volume of 4,815,343 shares. The stock had previously closed at $90.60.

Analyst Ratings Changes

A number of analysts have commented on the company. BTIG Research lifted their price target on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Freedom Broker upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Finally, Compass Point set a $195.00 price target on shares of Hut 8 in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Trading Up 8.8%

The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of -18.09 and a beta of 4.51. The company has a fifty day moving average price of $94.15 and a 200-day moving average price of $87.45.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $74.93 million for the quarter, compared to analyst estimates 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 last year, the business earned $1.18 earnings per share. As a group, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Activity at Hut 8

In other news, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arlington Trust Co LLC raised 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 acquiring an additional 175 shares during the period. Imprint Wealth LLC acquired a new stake in shares of Hut 8 during the 4th quarter valued at about $38,000. Parkside Financial Bank & Trust grew its position in shares of Hut 8 by 258.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after acquiring an additional 274 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares in the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 in the 1st quarter valued at about $47,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.