Hut 8 (NASDAQ:HUT) Trading Up 8.7% – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT) shot up 8.7% during mid-day trading on Wednesday . The company traded as high as $12.84 and last traded at $12.79. 5,288,248 shares traded hands during trading, an increase of 9% from the average session volume of 4,844,249 shares. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HUT. Needham & Company LLC raised their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Benchmark restated a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum lifted their target price on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $16.50.

Hut 8 Stock Up 9.6 %

The stock has a 50 day simple moving average of $11.30 and a two-hundred day simple moving average of $11.50. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, research analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westend Capital Management LLC increased its position in shares of Hut 8 by 4.0% in the third quarter. Westend Capital Management LLC now owns 496,940 shares of the company’s stock worth $6,092,000 after purchasing an additional 18,979 shares during the period. SG Americas Securities LLC bought a new position in Hut 8 in the 3rd quarter valued at about $334,000. Clearline Capital LP acquired a new position in shares of Hut 8 in the 2nd quarter valued at approximately $280,000. Ninepoint Partners LP bought a new stake in shares of Hut 8 during the 2nd quarter worth approximately $720,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Hut 8 during the 2nd quarter worth approximately $460,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.