Craig Hallum Increases Hut 8 (NASDAQ:HUT) Price Target to $15.00

Hut 8 (NASDAQ:HUT) had its price objective increased by Craig Hallum from $14.00 to $15.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on HUT. HC Wainwright reiterated a buy rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Benchmark reiterated a buy rating and set a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. Canaccord Genuity Group restated a buy rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Needham & Company LLC raised their target price on Hut 8 from $15.00 to $16.50 and gave the company a buy rating in a report on Tuesday, September 24th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of Buy and an average target price of $16.50.

Hut 8 Stock Up 2.5 %

NASDAQ HUT opened at $12.02 on Wednesday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average of $11.55 and a 200-day moving average of $11.40.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, equities research analysts expect that Hut 8 will post -0.56 EPS for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the business. Nomura Holdings Inc. bought a new position in Hut 8 during the 4th quarter worth $1,774,000. Westend Capital Management LLC bought a new stake in shares of Hut 8 in the 1st quarter valued at about $5,190,000. Van ECK Associates Corp increased its stake in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the period. Swiss National Bank raised its position in shares of Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after acquiring an additional 54,100 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Hut 8 in the first quarter worth approximately $255,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.