Hut 8 Corp. (NASDAQ:HUT) Receives $16.08 Consensus Target Price from Analysts

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average rating of “Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have covered the stock in the last year is $16.33.

Several equities analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Craig Hallum upped their price target on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Needham & Company LLC upped their price target on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday. Benchmark reaffirmed a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a report on Wednesday, August 14th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $12.53 on Thursday. The business has a 50 day moving average price of $12.37 and a 200 day moving average price of $11.17. Hut 8 has a twelve month low of $6.18 and a twelve 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 announced its earnings results 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 business had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. As a group, equities analysts predict that Hut 8 will post -0.56 EPS for the current fiscal year.

Insider Transactions at Hut 8

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

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in Hut 8 during the 2nd quarter valued at $42,000. Victory Capital Management Inc. bought a new position in Hut 8 in the 2nd quarter valued at $154,000. Triton Wealth Management PLLC boosted its position in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Hut 8 in the 2nd quarter valued at $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

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.