Hut 8 Corp. (NASDAQ:HUT) shares are trading higher Wednesday. The company reported its second-quarter financial results before Tuesday's opening bell. Here's a look at the details from the report.

The Details:

Hut 8 reported quarterly revenue of $35.22 million, missing the $65.47 million estimate by a wide margin. Quarterly losses of 78 cents per share also missed the estimate of losses of 3 cents per share.

Hut said 279 Bitcoin (CRYPTO: BTC) were mined in the second quarter, versus 740 Bitcoin mined in the same period last year, and the weighted average cost to mine one Bitcoin was $26,232. The company owned approximately 49,400 miners totaling approximately 4.8 exahash per second (EH/s), as of June 30, 2024.

"Our results this quarter reflect the ambitious restructuring program we set in motion six months ago," said Asher Genoot, CEO of Hut 8. "Despite the network halving, gross margins in our Digital Assets Mining segment rose to 46% for the three months ended June 30, 2024 from 34% in the prior year period. Restructuring and optimization initiatives, together with the energization of Salt Creek, enabled a 21% reduction in our energy cost per kilowatt-hour from $0.040 in Q1 2024 to $0.032 in Q2 2024."

HC Wainwright & Co. analyst Mike Colonnese upgraded Hut 8 from Sell to Buy and raised the price target on the stock from $7.50 to $13.50 following the print. Needham analyst John Todaro reiterated a Buy rating and $15 price target.

According to data from Benzinga Pro, Hut 8 shares are trading below the stock's 50-day moving average of $14.13 and 14.75% of shares are being sold short.

Will HUT Stock Go Up?

When trying to assess whether or not Hut 8 will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $13.63 on Hut 8. The Street high target is currently at $22 and the Street low target is $7.50. Of all the analysts covering Hut 8, 13 have positive ratings, no one has neutral ratings and 2 have negative ratings.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Hut 8 have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Hut 8 is 11.35% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Hut 8, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

HUT Price Action: According to Benzinga Pro, Hut 8 shares are up 3.47% at $11.34 at the time of publication Wednesday.

Read Also:

• What's Going On With Affirm Shares Today?

Image: u_6af2f287zu from Pixabay