Hut 8 (NASDAQ:HUT) Hits New 52-Week High – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) shares hit a new 52-week high on Wednesday . The company traded as high as $52.40 and last traded at $49.94, with a volume of 11673378 shares trading hands. The stock had previously closed at $49.11.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group boosted their target price on shares of Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a research note on Wednesday, October 8th. BTIG Research upped their price objective on Hut 8 from $33.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Roth Capital restated a “buy” rating and issued a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Finally, Northland Securities set a $26.00 price objective on Hut 8 in a research note on Friday, July 11th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $33.65.

Hut 8 Stock Down 9.5%

The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $32.42 and a 200-day simple moving average of $22.10.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The business had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company’s stock, valued at $259,951.05. The trade was a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,060 shares of company stock valued at $399,485 in the last quarter. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after acquiring an additional 2,269,237 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after acquiring an additional 829,484 shares during the last quarter. Moore Capital Management LP bought a new position in shares of Hut 8 in the 2nd quarter valued at about $9,159,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Hut 8 by 74.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock worth $12,835,000 after purchasing an additional 471,355 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Hut 8 by 337.0% during the second quarter. JPMorgan Chase & Co. now owns 454,012 shares of the company’s stock valued at $8,445,000 after buying an additional 350,112 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.