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

Key Points

• Hut 8 Corp. has received an average recommendation of "Buy" from 19 brokerage firms, with 16 analysts recommending a buy and 3 indicating a strong buy.
• The average 1-year price target for Hut 8 shares is $29.88, with recent price targets ranging from $23.00 to $60.00 set by various analysts.
• Insider transactions include significant sales, with Director Joseph Flinn and CFO Sean Joseph Glennan selling portions of their shares, resulting in a notable decrease in their ownership percentage.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have earned an average recommendation of "Buy" from the nineteen brokerages that are covering the firm, Marketbeat reports. Sixteen equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $29.8824.

Several equities analysts recently commented on the stock. Northland Securities set a $26.00 price objective on shares of Hut 8 in a research report on Friday, July 11th. Maxim Group raised their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group raised their price target on shares of Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Roth Capital reissued a "buy" rating and set a $60.00 price target (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Finally, Rosenblatt Securities reduced their price target on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $33.16 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. The company has a 50 day moving average price of $26.10 and a 200 day moving average price of $19.24. Hut 8 has a 52 week low of $10.04 and a 52 week high of $39.47.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm 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%. As a group, equities research analysts predict that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the transaction, the director directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,060 shares of company stock valued at $399,485 over the last three months. 11.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in the company. Tactive Advisors LLC purchased a new position in shares of Hut 8 during the 2nd quarter valued at approximately $1,225,000. Vident Advisory LLC increased its holdings in shares of Hut 8 by 1.5% during the 2nd quarter. Vident Advisory LLC now owns 501,053 shares of the company's stock valued at $9,319,000 after purchasing an additional 7,564 shares in the last quarter. Moore Capital Management LP purchased a new position in shares of Hut 8 during the 2nd quarter valued at approximately $9,159,000. BNP Paribas Financial Markets increased its holdings in shares of Hut 8 by 3,160.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 150,108 shares of the company's stock valued at $2,792,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company's stock valued at $46,255,000 after purchasing an additional 2,269,237 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

About Hut 8

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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