Hut 8 (NASDAQ:HUT) Trading Down 7.4%

Hut 8 Corp. (NASDAQ:HUT) shares were down 7.4% during mid-day trading on Tuesday . The stock traded as low as $11.30 and last traded at $11.35. Approximately 2,546,486 shares were traded during trading, a decline of 48% from the average daily volume of 4,931,824 shares. The stock had previously closed at $12.26.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on HUT. Needham & Company LLC boosted their price target on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Craig Hallum upped their price target on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Benchmark reiterated a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and an average target price of $16.33.

Hut 8 Stock Performance

The business’s 50 day moving average price is $11.97 and its two-hundred day moving average price is $11.31. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction 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 directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Amalgamated Bank acquired a new position in shares of Hut 8 during the 2nd quarter valued at $42,000. Victory Capital Management Inc. acquired a new position in shares of Hut 8 during the second quarter valued at about $154,000. Dimensional Fund Advisors LP bought a new position in shares of Hut 8 during the 2nd quarter worth about $200,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Hut 8 by 27.9% during the 2nd 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 in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Hut 8 in the 1st quarter valued at about $255,000. 31.75% of the stock is owned by institutional investors.

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.