Hut 8 (NASDAQ:HUT) Shares Gap Up Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened on Thursday after Wells Fargo & Company upgraded the stock to a strong-buy rating. The stock had previously closed at $89.82, but opened at $96.50. Hut 8 shares last traded at $89.6030, with a volume of 827,287 shares.

Several other equities research analysts have also recently commented on HUT. Weiss Ratings cut shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Benchmark boosted their price target on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Rosenblatt Securities reissued a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a research report on Wednesday, August 5th. Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Finally, Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $146.40.

Insider Buying and Selling

In related news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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

Several institutional investors have recently made changes to their positions in HUT. BlackRock Inc. purchased a new position in Hut 8 during the second quarter valued at approximately $1,093,294,000. Sachem Head Capital Management LP purchased a new stake in shares of Hut 8 in the fourth quarter worth $129,780,000. Oasis Management Co Ltd. raised its position in shares of Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the period. Avala Global LP bought a new stake in shares of Hut 8 during the 2nd quarter valued at $144,602,000. Finally, Wellington Management Group LLP purchased a new position in shares of Hut 8 during the 2nd quarter valued at $97,949,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

The company has a market cap of $12.17 billion, a PE ratio of -18.12 and a beta of 4.51. 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 business’s 50 day moving average is $93.03 and its two-hundred day moving average is $88.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the company posted $1.18 EPS. On average, equities research analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current year.

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.