Hut 8 Corp. (NASDAQ:HUT) Receives Average Rating of “Buy” from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have been given an average rating of “Buy” by the six brokerages that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $17.00.

Several equities analysts have weighed in on HUT shares. Stifel Nicolaus lifted their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Benchmark reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. Finally, Needham & Company LLC lifted their price objective on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, September 24th.

Insider Activity

In other news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position 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 acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the first quarter worth $18,191,000. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 during the second quarter worth $17,388,000. Bank of New York Mellon Corp purchased a new stake in shares of Hut 8 during the second quarter worth $4,390,000. Finally, Vident Advisory LLC lifted its position in shares of Hut 8 by 78.3% during the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after acquiring an additional 255,307 shares in the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Price Performance

HUT opened at $18.97 on Friday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $21.10. The business has a 50 day moving average of $12.79 and a 200-day moving average of $12.33. 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 released its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, research analysts predict that Hut 8 will post -0.56 earnings per share for the current year.

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.