Hut 8 (NASDAQ:HUT) Shares Gap Down to $12.24

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $12.24, but opened at $11.85. Hut 8 shares last traded at $11.81, with a volume of 564,301 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HUT shares. HC Wainwright decreased their target price on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research note on Thursday, May 16th. Benchmark reiterated a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a research note on Friday, June 7th. Craig Hallum upped their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC upped their price objective on shares of Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $14.00 price objective on shares of Hut 8 in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.58.

Hut 8 Stock Down 0.7 %

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The stock’s fifty day moving average price is $8.96 and its 200-day moving average price is $9.35.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. The firm had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. Equities research analysts anticipate that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in Hut 8 by 203.4% during 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 during the period. Savior LLC purchased a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,543,000. Qube Research & Technologies Ltd acquired a new position in shares of Hut 8 in the third quarter valued at approximately $3,429,000. AM Investment Strategies LLC purchased a new stake in Hut 8 during the 4th quarter worth approximately $597,000. Finally, Foundations Investment Advisors LLC acquired a new stake in Hut 8 during the 4th quarter worth approximately $605,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.