Hut 8 (NASDAQ:HUT) Shares Gap Up – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $23.86, but opened at $25.47. Hut 8 shares last traded at $28.06, with a volume of 3,506,216 shares trading hands.

Analyst Upgrades and Downgrades

HUT has been the topic of a number of recent research reports. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Monday, October 7th. Needham & Company LLC upped their target price on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, Craig Hallum raised their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $17.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. The company’s fifty day moving average is $13.27 and its 200-day moving average is $12.55.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. As a group, equities analysts predict that Hut 8 Corp. will post -0.55 EPS for the current year.

Insider Activity

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Foundations Investment Advisors LLC boosted its position in shares of Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the last quarter. AM Investment Strategies LLC raised its holdings in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after acquiring an additional 1,521 shares in the last quarter. Amalgamated Bank purchased a new position in shares of Hut 8 in the second quarter valued at $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after purchasing an additional 3,105 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Hut 8 during the third quarter valued at $40,000. Hedge funds and other institutional investors 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.