Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price was down 4.4% during mid-day trading on Tuesday . The company traded as low as $11.54 and last traded at $11.55. Approximately 385,929 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 5,032,375 shares. The stock had previously closed at $12.08.
Wall Street Analysts Forecast Growth
HUT has been the subject of a number of analyst reports. HC Wainwright raised shares of Hut 8 from a “sell” rating to a “buy” rating and increased their target price for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Hut 8 in a research note on Friday. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Craig Hallum boosted their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Finally, Benchmark reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a research report on Wednesday, August 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average target price of $16.08.
Hut 8 Stock Down 7.0 %
The business’s 50-day simple moving average is $14.52 and its 200-day simple moving average is $10.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.
Insider Activity at Hut 8
In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 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 completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value 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 disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.
Institutional Trading of Hut 8
A number of institutional investors and hedge funds have recently modified their holdings of HUT. Amalgamated Bank purchased a new position in Hut 8 in the 2nd quarter valued at $42,000. Global Retirement Partners LLC lifted its stake in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC boosted its position in Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after acquiring an additional 2,490 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Hut 8 during the 2nd quarter valued at about $154,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Hut 8 in the 2nd quarter valued at about $200,000. 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.