The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Hut 8 Corp shares valued at $361,261 were sold by Leverton Jaime on Jan 12 ’24. At $10.10 per share, Leverton Jaime sold 35,761 shares. The insider’s holdings dropped to 269,415 shares worth approximately $2.3 million following the completion of this transaction.
Also, Leverton Jaime sold 98,724 shares, netting a total of over 1,402,957 in proceeds. Following the sale of shares at $14.21 each, the insider now holds 238,509 shares.
Before that, Amdiss Aniss had sold 18,513 shares from its account. In a trade valued at $263,086, the Chief Legal Officer traded Hut 8 Corp shares for $14.21 each. Upon closing the transaction, the insider’s holdings decreased to 18,513 shares, worth approximately $0.2 million.
As published in their initiating research note from Needham on March 18, 2024, Hut 8 Corp [HUT] has been a Buy and the price target has been revised to $12. Analysts at H.C. Wainwright downgraded the stock from ‘”a Neutral”‘ to ‘”a Sell”‘ outlook in a report released in early February. Earlier on November 11, 2022, Craig Hallum downgraded its rating. Their new recommendation was “a Hold” for HUT stock which previously was a “a Buy”.
Analyzing HUT Stock Performance
During the last five days, there has been a drop of approximately -11.97%. Over the course of the year, Hut 8 Corp shares have dropped approximately -36.06%. Shares of the company reached a 52-week high of $15.07 on 01/02/24 and a 52-week low of $6.18 on 01/19/24. A 50-day SMA is recorded $8.53, while a 200-day SMA reached $11.26. Nevertheless, trading volume fell to 2.3 million shares from 2.96 million shares the previous day.
Support And Resistance Levels for Hut 8 Corp (HUT)
According to the 24-hour chart, there is a support level at 8.22, which, if violated, would cause prices to drop to 7.92. In the upper region, resistance lies at 8.75. The next price resistance is at 8.98. RSI (Relative Strength Index) is 46.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.75, which suggests the price will decrease in the coming days. Percent R is at 90.29%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Hut 8 Corp subject to short interest?
Stocks of Hut 8 Corp saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.83 million shares to 9.56 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 7.73 million shares. A jump of 19.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.9 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.9.
