Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price traded up 6.4% during trading on Tuesday . The company traded as high as $100.45 and last traded at $99.49. 5,631,863 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 4,828,216 shares. The stock had previously closed at $93.54.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on HUT shares. Needham & Company LLC decreased their price objective on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a report on Wednesday, August 5th. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. BTIG Research increased their price target on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Compass Point set a $195.00 price objective on shares of Hut 8 in a research report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $144.89.
Check Out Our Latest Stock Report on Hut 8
Hut 8 Price Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the company posted $1.18 earnings per share. On average, sell-side analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.
Insider Activity
In other news, Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 24,164 shares of company stock worth $2,667,755. 10.40% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Hut 8
Large investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in Hut 8 by 11,436.2% in the second quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock worth $1,530,349,000 after buying an additional 13,141,179 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Hut 8 during the second quarter worth approximately $1,093,294,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Hut 8 by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after acquiring an additional 504,652 shares during the last quarter. Finally, SRS Investment Management LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at $131,838,000. 31.75% of the stock is 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.
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