Hut 8 (NASDAQ:HUT) Price Target Lowered to $23.00 at Rosenblatt Securities

Hut 8 (NASDAQ:HUT) had its target price lowered by analysts at Rosenblatt Securities from $24.00 to $23.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective points to a potential upside of 6.58% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. BTIG Research started coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a “buy” rating and a $18.00 price target on the stock. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research report on Monday, April 21st. Roth Capital assumed coverage on Hut 8 in a research report on Friday, June 6th. They set a “buy” rating and a $25.00 price target for the company. Citizens Jmp raised Hut 8 to a “strong-buy” rating and set a $25.00 price target for the company in a research note on Thursday, May 22nd. Finally, JMP Securities started coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $25.00 price objective on the stock. Fifteen analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $26.71.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $21.58 on Monday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 has a 1-year low of $8.73 and a 1-year high of $31.95. The business’s fifty day moving average price is $19.72 and its two-hundred day moving average price is $16.66.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 11,069 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director directly owned 19,791 shares in the company, valued at $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

A number of large investors have recently added to or reduced their stakes in HUT. Advisors Asset Management Inc. lifted its holdings in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after purchasing an additional 655 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in Hut 8 by 13.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,625 shares of the company’s stock worth $179,000 after buying an additional 1,150 shares during the period. Prudential Financial Inc. purchased a new stake in Hut 8 during the second quarter valued at about $216,000. Rhumbline Advisers lifted its stake in Hut 8 by 19.4% during the second quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock valued at $2,722,000 after buying an additional 23,753 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Hut 8 by 3.6% in the second quarter. Franklin Resources Inc. now owns 53,685 shares of the company’s stock worth $999,000 after buying an additional 1,848 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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.