Rosenblatt Securities Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its target price raised by Rosenblatt Securities from $30.00 to $65.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on HUT. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a report on Wednesday, October 8th. BTIG Research boosted their price objective on shares of Hut 8 from $33.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. Roth Capital restated a “buy” rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Canaccord Genuity Group upped their price target on shares of Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Finally, Maxim Group upped their price target on shares of Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.65.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $48.78 on Thursday. The firm has a 50 day moving average price of $32.42 and a 200 day moving average price of $22.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. Hut 8 has a 52-week low of $10.04 and a 52-week high of $57.29.

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

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the business’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,060 shares of company stock valued at $399,485 in the last quarter. Corporate insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

Institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after purchasing an additional 815 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. State of Wyoming bought a new stake in shares of Hut 8 in the first quarter worth $32,000. Finally, US Bancorp DE lifted its position in shares of Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after purchasing an additional 3,209 shares in the last quarter. 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.