Hut 8 (NASDAQ:HUT) Price Target Raised to $32.00

Hut 8 (NASDAQ:HUT) had its price objective raised by investment analysts at Benchmark from $17.00 to $32.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 27.29% from the company’s previous close.

A number of other equities analysts have also recently commented on HUT. Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum raised their target price on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $22.08.

Hut 8 Stock Performance

Shares of NASDAQ:HUT traded up $0.36 on Thursday, reaching $25.14. The company’s stock had a trading volume of 1,861,804 shares, compared to its average volume of 5,069,135. The company has a 50-day simple moving average of $13.87 and a 200 day simple moving average of $12.74. 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 has a 52-week low of $6.18 and a 52-week high of $28.47.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. As a group, analysts forecast that Hut 8 will post -0.55 EPS for the current fiscal year.

Insider Activity

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the company’s 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 directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Institutional investors have recently modified their holdings of the company. MetLife Investment Management LLC grew its stake in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in Hut 8 in the 3rd quarter worth approximately $251,000. BNP Paribas Financial Markets grew its position in Hut 8 by 24.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock worth $227,000 after purchasing an additional 3,653 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after purchasing an additional 197,074 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Hut 8 in the third quarter valued at approximately $133,000. 31.75% of the stock is currently owned by institutional investors.

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.