HC Wainwright Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price target boosted by HC Wainwright from $26.00 to $35.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock. HC Wainwright also issued estimates for Hut 8’s Q1 2025 earnings at ($0.21) EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.10 EPS, Q3 2025 earnings at $0.15 EPS, Q4 2025 earnings at $0.19 EPS and Q4 2025 earnings at $0.17 EPS.

Several other research analysts have also recently commented on HUT. 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 report on Wednesday, October 2nd. Benchmark boosted their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Stifel Nicolaus upped their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC raised their target price on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Performance

HUT stock traded up $1.31 during midday trading on Thursday, reaching $24.45. The company’s stock had a trading volume of 4,918,947 shares, compared to its average volume of 5,094,434. The business’s 50-day simple moving average is $13.87 and its 200-day simple moving average is $12.74. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick 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 issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Analysts predict that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Millennium Management LLC grew its position in shares of Hut 8 by 46.4% during 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 period. Swiss National Bank increased 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 acquiring an additional 54,100 shares in the last quarter. Finally, Ninepoint Partners LP acquired a new position in shares of Hut 8 during the 2nd quarter valued at $720,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.