Hut 8 (NASDAQ:HUT) Price Target Raised to $36.00

Hut 8 (NASDAQ:HUT) had its price objective raised by Canaccord Genuity Group from $32.00 to $36.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on HUT. Roth Capital initiated coverage on Hut 8 in a research note on Friday, June 6th. They set a “buy” rating and a $25.00 price objective for the company. Citizens Jmp upgraded Hut 8 to a “strong-buy” rating and set a $25.00 price objective for the company in a research note on Thursday, May 22nd. Needham & Company LLC restated a “buy” rating and set a $21.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Finally, Rosenblatt Securities lowered their price objective on Hut 8 from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company’s stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and an average target price of $26.94.

Hut 8 Stock Up 9.4%

Shares of NASDAQ HUT opened at $23.37 on Wednesday. Hut 8 has a twelve month low of $8.73 and a twelve month high of $31.95. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The business has a 50 day simple moving average of $20.51 and a 200-day simple moving average of $16.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Analysts expect that Hut 8 will post -0.53 EPS for the current year.

Insider Activity

In other news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director owned 19,791 shares of the company’s stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 11.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp grew its stake in shares of Hut 8 by 4.1% in the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock worth $14,703,000 after purchasing an additional 28,462 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 in the fourth quarter worth $37,400,000. Teacher Retirement System of Texas acquired a new stake in shares of Hut 8 in the first quarter valued at $143,000. Bank of America Corp DE lifted its holdings in shares of Hut 8 by 16.8% in the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company’s stock valued at $3,002,000 after buying an additional 21,058 shares during the period. Finally, Thomist Capital Management LP acquired a new stake in shares of Hut 8 in the fourth quarter valued at $502,000. Institutional investors own 31.75% of the company’s stock.

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.