Hut 8 (NASDAQ:HUT) Price Target Raised to $16.50

Hut 8 (NASDAQ:HUT) had its price objective raised by equities researchers at Needham & Company LLC from $15.00 to $16.50 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 42.61% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Benchmark reissued a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a research note on Friday. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Craig Hallum upped their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $16.33.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $11.57 on Tuesday. Hut 8 has a 1 year low of $6.18 and a 1 year high of $21.10. The company has a 50-day moving average of $12.68 and a 200 day moving average of $11.13. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insiders Place Their Bets

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

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Amalgamated Bank bought a new stake in shares of Hut 8 during the 2nd quarter valued at $42,000. Triton Wealth Management PLLC lifted its position in Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares in the last quarter. Victory Capital Management Inc. bought a new stake in Hut 8 during the second quarter valued at about $154,000. Dimensional Fund Advisors LP purchased a new stake in Hut 8 in the second quarter worth about $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after buying an additional 3,105 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.