Hut 8 Corp. (NASDAQ:HUT – Get Free Report) has received an average recommendation of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have covered the stock in the last year is $16.50.
Several equities analysts have weighed in on the company. Benchmark reissued a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. Craig Hallum increased their price target on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Needham & Company LLC boosted their price objective on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright reiterated a “buy” rating and set a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st.
Read Our Latest Stock Report on Hut 8
Insiders Place Their Bets
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Hut 8 in the 1st quarter worth about $18,191,000. Van ECK Associates Corp increased its position in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after purchasing an additional 558,824 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in Hut 8 in the 2nd quarter worth approximately $17,388,000. Finally, Millennium Management LLC lifted its position in Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.
Hut 8 Stock Performance
HUT opened at $12.90 on Monday. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $21.10. The firm has a 50-day moving average of $11.33 and a 200 day moving average of $11.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68.
Hut 8 (NASDAQ:HUT – Get Free Report) last released 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 company had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. As a group, sell-side analysts forecast that Hut 8 will post -0.56 EPS for the current fiscal year.
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.
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