Hut 8 (NASDAQ:HUT) Shares Down 4.6%

Hut 8 Corp. (NASDAQ:HUTGet Free Report) was down 4.6% during trading on Friday . The stock traded as low as $12.34 and last traded at $12.41. Approximately 1,645,636 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 4,624,556 shares. The stock had previously closed at $13.01.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HUT shares. HC Wainwright decreased their price target on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday, May 16th. Needham & Company LLC boosted their target price on shares of Hut 8 from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Craig Hallum boosted their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Hut 8 in a research note on Friday, June 7th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $14.00 price target on shares of Hut 8 in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.58.

Read Our Latest Research Report on HUT

Hut 8 Stock Performance

The business’s 50-day simple moving average is $9.19 and its 200 day simple moving average is $9.46. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.

Hut 8 (NASDAQ:HUTGet Free Report) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. On average, research analysts expect that Hut 8 Corp. will post -0.43 EPS for the current year.

Insider Buying and Selling

In related news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. increased its position in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Hut 8 during the 3rd quarter valued at $3,429,000. Tidal Investments LLC acquired a new position in Hut 8 during the 1st quarter valued at $18,191,000. Wellington Management Group LLP raised its stake in shares of Hut 8 by 203.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

About Hut 8

(Get Free Report)

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.

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