Hut 8 (NASDAQ:HUT) Upgraded to "Hold" at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded Hut 8 to “Hold,” while the broader analyst consensus remains “Buy” with a $144 price target.
• Hut 8 reported a quarterly loss of $1.27 per share, missing the $0.55 consensus estimate, and revenue of $74.93 million versus expectations of $79.37 million.
• Shares opened at $103.42, with a market capitalization of approximately $12.75 billion; the stock has traded between $31.67 and $140.80 over the past year.

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by equities researchers at Rothschild & Co Redburn to a "hold" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other research firms have also commented on HUT. Wells Fargo & Company began coverage on Hut 8 in a research report on Thursday. They issued an "overweight" rating and a $175.00 price target on the stock. Wall Street Zen downgraded Hut 8 from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Morgan Stanley started coverage on Hut 8 in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $263.00 price objective on the stock. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. Finally, Benchmark increased their target price on shares of Hut 8 from $165.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $144.00.

Hut 8 Price Performance

Shares of HUT stock opened at $103.42 on Monday. The business has a fifty day simple moving average of $93.11 and a 200 day simple moving average of $89.45. The company has a market cap of $12.75 billion, a P/E ratio of -18.98 and a beta of 4.51. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). The firm had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the prior year, the firm earned $1.18 EPS. On average, sell-side analysts forecast that Hut 8 will post -2.85 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sean Glennan sold 6,445 shares of the company's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in the business. Van Hulzen Asset Management LLC bought a new position in shares of Hut 8 during the 2nd quarter worth approximately $225,000. WINTON GROUP Ltd acquired a new position in shares of Hut 8 during the 2nd quarter valued at $8,162,000. Engineers Gate Manager LP acquired a new position in shares of Hut 8 during the 2nd quarter valued at $275,000. Steamboat Capital Partners LLC bought a new position in Hut 8 during the second quarter worth $7,298,000. Finally, Allworth Financial LP boosted its stake in Hut 8 by 18.5% during the second quarter. Allworth Financial LP now owns 1,364 shares of the company's stock worth $157,000 after acquiring an additional 213 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.

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