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

Key Points

• Analysts at Benchmark raised their price target for Hut 8 to $78.00, indicating a potential upside of 56.63% from its current price, and maintaining a "buy" rating.
• Hut 8 recently reported a quarterly earnings per share of ($0.14), beating estimates by $0.01, despite revenue falling short of expectations at $41.72 million.
• Insider selling has been noted, with directors selling a total of 16,060 shares valued at approximately $399,485 over the last 90 days.

Hut 8 (NASDAQ:HUT - Get Free Report) had its price target raised by analysts at Benchmark from $36.00 to $78.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's target price suggests a potential upside of 56.63% from the company's current price.

A number of other analysts also recently weighed in on the company. Weiss Ratings restated a "hold (c-)" rating on shares of Hut 8 in a report on Wednesday, October 8th. Northland Securities set a $26.00 price objective on Hut 8 in a report on Friday, July 11th. Roth Capital reiterated a "buy" rating and set a $60.00 price target (up from $31.00) on shares of Hut 8 in a report on Monday, September 15th. JMP Securities increased their price target on Hut 8 from $25.00 to $65.00 and gave the stock a "market outperform" rating in a report on Tuesday, October 21st. Finally, Maxim Group increased their price target on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $41.06.

Hut 8 Stock Performance

NASDAQ HUT opened at $49.80 on Tuesday. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -90.55 and a beta of 4.36. Hut 8 has a twelve month low of $10.04 and a twelve month high of $57.29. The stock has a fifty day simple moving average of $35.75 and a 200 day simple moving average of $23.90. 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 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The business had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Sell-side analysts expect that Hut 8 will post -0.53 EPS for the current year.

Insider Activity

In related news, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director owned 9,791 shares of the company's stock, valued at approximately $259,951.05. This trade represents a 46.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. The trade was a 49.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after purchasing an additional 815 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock worth $30,000 after purchasing an additional 655 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after purchasing an additional 1,719 shares during the period. State of Wyoming bought a new stake in shares of Hut 8 in the 1st quarter worth approximately $32,000. Finally, US Bancorp DE raised its holdings in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares during the period. 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.

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