Hut 8 Corp. (HUT) - What Are Brokerages Thinking About This Stock?

Key Points

• Analysts remain broadly bullish: Hut 8 has a consensus “Buy” rating from 24 analysts, including 18 buys and four strong buys, with an average 12-month price target of $146.77.
• Recent financial results were weak: The company reported a quarterly loss of $1.27 per share, missing estimates by $0.72, while revenue of $74.93 million fell short of expectations.
• Institutional interest is substantial, but the stock is highly volatile: BlackRock and other funds initiated sizable positions, while HUT has a beta of 4.62 and trades well below its 52-week high of $140.80.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given a consensus recommendation of "Buy" by the twenty-four analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eighteen have assigned a buy recommendation and four have given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $146.77.

Several equities research analysts have commented on HUT shares. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Morgan Stanley lifted their target price on shares of Hut 8 from $273.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, October 9th. Piper Sandler decreased their price objective on shares of Hut 8 from $143.00 to $123.00 and set an "overweight" rating for the company in a research report on Tuesday, October 20th. Rothschild & Co Redburn initiated coverage on Hut 8 in a research report on Monday, September 21st. They set a "neutral" rating and a $96.00 target price on the stock. Finally, Roth Capital started coverage on shares of Hut 8 in a research note on Wednesday, October 7th. They issued a "buy" rating and a $108.00 price target on the stock.

Hut 8 Stock Performance

NASDAQ HUT opened at $55.01 on Tuesday. The stock has a 50-day simple moving average of $83.46 and a two-hundred day simple moving average of $82.30. The firm has a market capitalization of $6.78 billion, a P/E ratio of -10.09 and a beta of 4.62. Hut 8 has a fifty-two week low of $31.67 and a fifty-two week high of $140.80. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. The company had revenue of $74.93 million during the quarter, compared to analysts' expectations of $79.37 million. During the same quarter in the previous year, the company earned $1.18 EPS. On average, equities analysts forecast that Hut 8 will post -2.93 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mayo A. Shattuck III sold 20,000 shares of Hut 8 stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. The trade was a 18.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares of the company's stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. BlackRock Inc. purchased a new position in Hut 8 during the second quarter worth about $1,093,294,000. Avala Global LP acquired a new position in Hut 8 in the 2nd quarter valued at about $144,602,000. Wellington Management Group LLP acquired a new position in Hut 8 in the 2nd quarter valued at about $97,949,000. Montanova Capital LLC purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $56,364,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Company Profile

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8's activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.

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