Craig Hallum Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its target price boosted by equities research analysts at Craig Hallum from $15.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 26.68% from the stock’s previous close.

Several other brokerages have also weighed in on HUT. Needham & Company LLC increased their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Benchmark increased 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. Finally, HC Wainwright boosted their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average target price of $30.17.

Hut 8 Trading Up 9.2 %

Shares of Hut 8 stock opened at $25.26 on Thursday. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $28.47. The business’s fifty day moving average is $14.15 and its two-hundred day moving average is $12.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

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 analysts’ expectations of $38.00 million. On average, research analysts predict that Hut 8 will post -0.55 earnings per share for the current year.

Institutional Trading of Hut 8

Large investors have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its position 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 buying an additional 54,100 shares during the period. Vanguard Group Inc. boosted its holdings in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Vident Advisory LLC grew its position in Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after acquiring an additional 255,307 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the first quarter valued at approximately $18,191,000. Finally, Westend Capital Management LLC raised its stake in shares of Hut 8 by 1.7% during the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after purchasing an additional 7,827 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.