Hut 8 (NASDAQ:HUT) Trading 1.3% Higher – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) traded up 1.3% during mid-day trading on Thursday . The stock traded as high as $98.57 and last traded at $90.99. Approximately 5,439,156 shares were traded during trading, an increase of 13% from the average daily volume of 4,811,855 shares. The stock had previously closed at $89.82.

Analyst Ratings Changes

Several brokerages recently weighed in on HUT. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Finally, Piper Sandler boosted their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $146.40.

Hut 8 Trading Up 1.4%

The firm has a market cap of $11.22 billion, a price-to-earnings ratio of -16.71 and a beta of 4.51. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The business has a 50 day moving average price of $93.40 and a 200-day moving average price of $88.46.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period last year, the business earned $1.18 EPS. As a group, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Van Hulzen Asset Management LLC acquired a new stake in shares of Hut 8 during the second quarter worth approximately $225,000. WINTON GROUP Ltd acquired a new position in Hut 8 during the 2nd quarter worth $8,162,000. Engineers Gate Manager LP bought a new stake in shares of Hut 8 in the 2nd quarter worth about $275,000. Steamboat Capital Partners LLC bought a new stake in shares of Hut 8 in the 2nd quarter worth about $7,298,000. Finally, Allworth Financial LP lifted its position in shares of Hut 8 by 18.5% during the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock worth $157,000 after purchasing an additional 213 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Company Profile

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.