Hut 8 (NASDAQ:HUT) Given “Buy” Rating at HC Wainwright

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They presently have a $13.50 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 18.11% from the company’s current price.

HUT has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Hut 8 in a research note on Friday, August 23rd. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Craig Hallum boosted their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $16.08.

Hut 8 Trading Up 3.7 %

Hut 8 stock opened at $11.43 on Friday. The company’s fifty day moving average price is $12.96 and its 200 day moving average price is $11.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 has a 1 year low of $6.18 and a 1 year high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, sell-side analysts forecast that Hut 8 will post -0.56 EPS for the current fiscal year.

Insider Activity

In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently bought and sold shares of HUT. Vanguard Group Inc. increased its stake in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the 1st quarter worth $18,191,000. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 during the second quarter worth $17,388,000. Van ECK Associates Corp raised its stake in Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares in the last quarter. Finally, Westend Capital Management LLC purchased a new position in shares of Hut 8 in the 1st quarter valued at $5,190,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

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.