Stifel Nicolaus Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT) had its price target raised by Stifel Nicolaus from $15.00 to $18.00 in a research report report published on Wednesday morning, BayStreet.CA reports. Stifel Nicolaus currently has a speculative buy rating on the stock.

Several other research firms have also recently commented on HUT. Needham & Company LLC raised their price target on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Craig Hallum lifted their target price on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. HC Wainwright reiterated a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Finally, Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $17.00.

Hut 8 Price Performance

HUT stock opened at $18.16 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The firm has a 50 day simple moving average of $12.00 and a 200 day simple moving average of $11.92. Hut 8 has a 52 week low of $6.18 and a 52 week high of $21.10.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, equities analysts forecast that Hut 8 will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now owns 11,861 shares of the company’s stock, valued at $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 this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred 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 transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. 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 this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of Hut 8 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 transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Amalgamated Bank bought a new position in Hut 8 during the second quarter worth $42,000. Victory Capital Management Inc. bought a new position in Hut 8 during the second quarter worth $154,000. Dimensional Fund Advisors LP bought a new position in Hut 8 during the second quarter worth $200,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares during the period. Finally, Headlands Technologies LLC bought a new position in Hut 8 during the first quarter worth $255,000. Institutional investors own 31.75% of the company’s stock.

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.