Hut 8 (NASDAQ:HUT) Given Buy Rating at Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They presently have a $21.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 51.19% from the company’s previous close.

HUT has been the subject of several other reports. Maxim Group assumed coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a “buy” rating and a $20.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research report on Monday, April 21st. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, Northland Securities initiated coverage on shares of Hut 8 in a report on Monday, April 21st. They issued an “outperform” rating and a $20.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.00.

Hut 8 Price Performance

HUT opened at $13.89 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 12-month low of $7.67 and a 12-month high of $31.95. The stock has a 50-day moving average price of $12.49 and a 200-day moving average price of $18.94.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. As a group, equities analysts expect that Hut 8 will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of HUT. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Hut 8 by 7.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after buying an additional 618 shares during the last quarter. Arizona State Retirement System increased its position in Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after buying an additional 637 shares in the last quarter. Victory Capital Management Inc. raised its stake in Hut 8 by 7.9% during the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after buying an additional 819 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock worth $1,039,000 after acquiring an additional 932 shares in the last quarter. 31.75% of the stock is 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.