Hut 8 Corp. (NASDAQ:HUT) Given Average Recommendation of "Buy" by Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have earned a consensus rating of "Buy" from the nineteen research firms that are covering the stock, MarketBeat reports. Fifteen investment analysts have rated the stock with a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $25.76.

A number of equities analysts recently issued reports on HUT shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a research note on Monday, May 12th. BTIG Research began coverage on shares of Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 price target for the company. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research report on Thursday, May 22nd. Finally, Rosenblatt Securities assumed coverage on Hut 8 in a research note on Friday, March 7th. They set a "buy" rating and a $23.00 target price on the stock.

Insider Activity

In related news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director now owns 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. State of Wyoming bought a new stake in Hut 8 in the first quarter worth $32,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $35,000. US Bancorp DE lifted 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 valued at $38,000 after acquiring an additional 3,209 shares during the last quarter. Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in Hut 8 in the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Price Performance

NASDAQ:HUT traded up $1.35 during mid-day trading on Friday, hitting $17.24. 5,085,016 shares of the company's stock were exchanged, compared to its average volume of 5,867,367. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. Hut 8 has a one year low of $8.73 and a one year high of $31.95. The business has a fifty day moving average price of $15.18 and a 200 day moving average price of $17.68.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.

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.