Hut 8 Corp. (NASDAQ:HUT) Receives $16.50 Consensus Target Price from Analysts

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the six brokerages that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $16.50.

Several analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC upped their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Craig Hallum raised their target price on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Benchmark reiterated a “buy” rating and set a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th.

Insider Buying and Selling at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of the company’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 approximately $588,171.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Joseph Flinn sold 7,618 shares of the business’s 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 sale, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. bought a new stake in shares of Hut 8 during the 4th quarter valued at $1,774,000. Westend Capital Management LLC bought a new stake in shares of Hut 8 during the first quarter valued at about $5,190,000. Van ECK Associates Corp grew its position 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 valued at $13,920,000 after purchasing an additional 558,824 shares in the last quarter. Swiss National Bank increased its holdings in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Hut 8 in the first quarter worth $255,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Trading Up 14.2 %

HUT opened at $14.47 on Monday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a twelve month low of $6.18 and a twelve month high of $21.10. The company has a 50-day simple moving average of $11.39 and a 200 day simple moving average of $11.54.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping 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. On average, research analysts predict that Hut 8 will post -0.56 earnings per share for the current fiscal year.

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.