HC Wainwright Downgrades Hut 8 (NASDAQ:HUT) to Sell

Hut 8 (NASDAQ:HUTGet Free Report) was downgraded by equities research analysts at HC Wainwright from a “neutral” rating to a “sell” rating in a report released on Tuesday, MarketBeat.com reports. They currently have a $5.50 price objective on the stock. HC Wainwright’s price target suggests a potential downside of 18.76% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $3.50 price objective on shares of Hut 8 in a research report on Wednesday, November 15th. Stifel Nicolaus lifted their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a report on Monday, January 8th.

Read Our Latest Stock Analysis on Hut 8

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $6.77 on Tuesday. The company has a 50 day moving average of $10.03 and a 200-day moving average of $5.01. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. Hut 8 has a 1-year low of $6.05 and a 1-year high of $22.75. The company has a market cap of $300.25 million, a PE ratio of -2.46 and a beta of 3.90.

Hut 8 (NASDAQ:HUTGet Free Report) last issued its earnings results on Tuesday, November 14th. The company reported ($0.45) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.45). The firm had revenue of $12.66 million for the quarter, compared to analyst estimates of $27.78 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. As a group, equities research analysts forecast that Hut 8 will post -1.05 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

Several hedge funds have recently made changes to their positions in HUT. Envestnet Asset Management Inc. raised its position in Hut 8 by 22.8% during the first quarter. Envestnet Asset Management Inc. now owns 66,187 shares of the company’s stock valued at $365,000 after purchasing an additional 12,275 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Hut 8 by 10.6% in the first quarter. HighTower Advisors LLC now owns 58,146 shares of the company’s stock worth $324,000 after buying an additional 5,556 shares during the period. Citigroup Inc. raised its stake in shares of Hut 8 by 1,045.6% during the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock valued at $47,000 after acquiring an additional 7,842 shares during the last quarter. D.A. Davidson & CO. purchased a new position in Hut 8 during the 1st quarter valued at about $59,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Hut 8 during the first quarter valued at approximately $74,000. 11.80% of the stock is currently owned by institutional investors.

About Hut 8

(Get Free Report)

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.

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