Piper Sandler Issues Pessimistic Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its target price decreased by analysts at Piper Sandler from $143.00 to $123.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 80.43% from the company’s current price.

HUT has been the topic of several other reports. Rothschild & Co Redburn started coverage on shares of Hut 8 in a report on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price on the stock. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Benchmark raised their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, BTIG Research raised their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $148.09.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $68.17 on Tuesday. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of -12.51 and a beta of 4.62. The firm’s 50 day simple moving average is $87.77 and its 200 day simple moving average is $94.71. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. Hut 8 has a fifty-two week low of $31.67 and a fifty-two week high of $140.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the prior year, the firm posted $1.18 EPS. As a group, sell-side analysts forecast that Hut 8 will post -2.93 earnings per share for the current year.

Insider Activity at Hut 8

In other news, Director Mayo Shattuck, III sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the director owned 89,408 shares in the company, valued at $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Arizona State Retirement System raised its stake in Hut 8 by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock valued at $3,154,000 after acquiring an additional 125 shares during the period. CoreCap Advisors LLC boosted its position in Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after purchasing an additional 160 shares during the period. Arlington Trust Co LLC boosted its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the period. Allworth Financial LP increased its holdings in shares of Hut 8 by 18.5% in the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after purchasing an additional 213 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.