HC Wainwright Reiterates Buy Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They currently have a $25.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 79.99% from the company’s previous close.

HUT has been the subject of a number of other research reports. Maxim Group assumed coverage on Hut 8 in a research report on Thursday, May 1st. They issued a “buy” rating and a $20.00 price objective for the company. BTIG Research began coverage on Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 price target for the company. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Northland Securities assumed coverage on shares of Hut 8 in a research report on Monday, April 21st. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $26.00.

Hut 8 Stock Down 2.0 %

Shares of Hut 8 stock opened at $13.89 on Friday. The company has a 50-day simple moving average of $12.49 and a two-hundred day simple moving average of $18.94. Hut 8 has a one year low of $7.67 and a one year high of $31.95. 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 (NASDAQ:HUT) last posted its 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 company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, equities research analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of HUT. Deutsche Bank AG grew its stake in shares of Hut 8 by 18.4% during the 1st quarter. Deutsche Bank AG now owns 84,536 shares of the company’s stock worth $982,000 after purchasing an additional 13,161 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Hut 8 by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company’s stock worth $12,075,000 after buying an additional 27,477 shares in the last quarter. Vanguard Group Inc. grew its position in Hut 8 by 1.4% during the first quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock valued at $76,075,000 after buying an additional 87,550 shares during the period. US Bancorp DE increased its holdings in Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after buying an additional 3,209 shares in the last quarter. Finally, Phoenix Financial Ltd. raised its position in shares of Hut 8 by 36.5% in the first quarter. Phoenix Financial Ltd. now owns 16,579 shares of the company’s stock worth $194,000 after acquiring an additional 4,429 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

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.