Hut 8 (NASDAQ:HUT) Rating Reiterated by Benchmark

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reissued by investment analysts at Benchmark in a research note issued to investors on Monday, Benzinga reports. They currently have a $17.00 price objective on the stock. Benchmark’s price target would indicate a potential upside of 42.74% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Craig Hallum boosted their target price on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Needham & Company LLC increased their price target on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $16.50.

Hut 8 Stock Performance

Shares of NASDAQ:HUT traded down $0.11 during trading on Monday, hitting $11.91. 270,645 shares of the company traded hands, compared to its average volume of 4,875,779. The business’s fifty day moving average is $11.55 and its 200-day moving average is $11.42. Hut 8 has a one year low of $6.18 and a one year high of $21.10. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The shares were 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 directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings 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 valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Tidal Investments LLC bought a new stake in Hut 8 in the first quarter valued at about $18,191,000. Van ECK Associates Corp increased its holdings 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 purchasing an additional 558,824 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in Hut 8 in the second quarter valued at about $17,388,000. Finally, Millennium Management LLC increased its holdings in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.