Needham & Company LLC Raises Hut 8 (NASDAQ:HUT) Price Target to $32.00

Hut 8 (NASDAQ:HUT) had its price objective lifted by stock analysts at Needham & Company LLC from $21.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 29.14% from the company’s current price.

Other analysts have also issued reports about the company. Benchmark reiterated a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research note on Monday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Stifel Nicolaus raised their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Finally, Craig Hallum increased their target price on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and an average target price of $19.58.

Hut 8 Stock Up 3.9 %

Shares of HUT stock opened at $24.78 on Thursday. The firm’s 50 day moving average is $13.87 and its 200 day moving average is $12.74. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. 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) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) 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, research analysts expect that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank boosted its stake in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after purchasing an additional 54,100 shares in the last quarter. Vanguard Group Inc. boosted its position in Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares during the period. Vident Advisory LLC increased its holdings in shares of Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after buying an additional 255,307 shares during the period. Tidal Investments LLC bought a new stake in shares of Hut 8 in the 1st quarter valued at about $18,191,000. Finally, Westend Capital Management LLC boosted its holdings in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after acquiring an additional 7,827 shares during the period. 31.75% of the stock is currently 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.