Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) were down 6.8% during mid-day trading on Thursday . The stock traded as low as $9.18 and last traded at $9.18. Approximately 708,481 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 4,573,430 shares. The stock had previously closed at $9.85.
Analysts Set New Price Targets
Several brokerages have weighed in on HUT. Benchmark restated a “buy” rating and set a $12.00 price target on shares of Hut 8 in a report on Thursday, May 16th. HC Wainwright lowered their price objective on Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research report on Thursday, May 16th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 price objective on shares of Hut 8 in a research report on Thursday, May 16th. Needham & Company LLC upped their price objective on Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Craig Hallum raised Hut 8 from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Thursday, May 16th. One equities research 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.
Get Our Latest Research Report on Hut 8
Hut 8 Stock Performance
Insider Transactions at Hut 8
In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.00% of the company’s stock.
Hedge Funds Weigh In On Hut 8
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Triton Wealth Management PLLC boosted its position in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after buying an additional 2,490 shares during the period. Global Retirement Partners LLC lifted its position in Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the period. Private Advisor Group LLC lifted its position in Hut 8 by 54.7% in the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after purchasing an additional 6,400 shares during the period. Headlands Technologies LLC acquired a new stake in Hut 8 in the first quarter worth approximately $255,000. Finally, AM Investment Strategies LLC acquired a new stake in Hut 8 in the fourth quarter worth approximately $597,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.
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.
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