Hut 8 (NASDAQ:HUT) Trading Up 5.3% on Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUTGet Free Report)’s share price was up 5.3% during trading on Tuesday after Needham & Company LLC raised their price target on the stock from $13.00 to $15.00. Needham & Company LLC currently has a buy rating on the stock. Hut 8 traded as high as $13.34 and last traded at $13.20. Approximately 546,769 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 4,690,246 shares. The stock had previously closed at $12.53.

A number of other research firms also recently commented on HUT. HC Wainwright dropped their price objective on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research note on Thursday, May 16th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Hut 8 in a research note on Thursday, May 16th. Benchmark boosted their price objective on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a research note on Friday. Finally, Craig Hallum increased their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat.com, Hut 8 has a consensus rating of “Moderate Buy” and a consensus price target of $13.75.

Get Our Latest Research Report on Hut 8

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the transaction, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at $251,549.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Triton Wealth Management PLLC raised its stake in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares during the period. Global Retirement Partners LLC increased its stake in Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares during the period. Headlands Technologies LLC acquired a new position in Hut 8 in the 1st quarter worth $255,000. AM Investment Strategies LLC acquired a new position in Hut 8 in the 4th quarter worth $597,000. Finally, Foundations Investment Advisors LLC purchased a new position in Hut 8 in the 4th quarter valued at about $605,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a 50 day moving average price of $9.39 and a two-hundred day moving average price of $9.48.

Hut 8 (NASDAQ:HUTGet Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. The business had revenue of $51.74 million for the quarter, compared to analyst estimates of $50.60 million. On average, analysts predict that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Hut 8 Company Profile

(Get Free Report)

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.

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