Hut 8 (NASDAQ:HUT) Price Target Raised to $35.00

Hut 8 (NASDAQ:HUT) had its price target boosted by HC Wainwright from $26.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 44.75% from the company’s previous close. HC Wainwright also issued estimates for Hut 8’s Q1 2025 earnings at ($0.21) EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.10 EPS and Q4 2025 earnings at $0.17 EPS.

HUT has been the topic of several other research reports. Stifel Nicolaus lifted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Benchmark boosted their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum increased their price target on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Needham & Company LLC upped their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $28.50.

Hut 8 Price Performance

NASDAQ:HUT traded down $0.60 during mid-day trading on Thursday, reaching $24.18. 4,782,495 shares of the stock were exchanged, compared to its average volume of 5,083,008. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. The business has a fifty day moving average price of $13.87 and a 200 day moving average price of $12.74. Hut 8 has a 1-year low of $6.18 and a 1-year high of $28.47.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business 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 -0.55 EPS for the current year.

Insiders Place Their Bets

In related news, 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 sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in Hut 8 in the third quarter worth approximately $40,000. Amalgamated Bank bought a new stake in Hut 8 in the second quarter worth $42,000. Intech Investment Management LLC bought a new stake in Hut 8 in the third quarter worth $133,000. Victory Capital Management Inc. bought a new position in Hut 8 during the second quarter valued at about $154,000. Finally, Entropy Technologies LP acquired a new stake in shares of Hut 8 in the third quarter worth about $170,000. Hedge funds and other institutional investors 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.