Hut 8 (NASDAQ:HUT) Stock Rating Reaffirmed by HC Wainwright

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They presently have a $13.50 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 20.86% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Craig Hallum raised their price target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Hut 8 in a research report on Friday, August 23rd. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $16.08.

Hut 8 Trading Down 2.3 %

Shares of Hut 8 stock opened at $11.17 on Friday. The company has a fifty day simple moving average of $12.85 and a 200-day simple moving average of $11.08. Hut 8 has a 12-month low of $6.18 and a 12-month high of $21.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) 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 analysts expect that Hut 8 will post -0.56 earnings per share for the current year.

Insider Transactions at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction dated 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 directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the 1st quarter worth $18,191,000. Van ECK Associates Corp grew its stake in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the period. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Finally, Millennium Management LLC lifted its stake in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.