Hut 8 Corp. (NASDAQ:HUT) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Hut 8 Corp. has received a consensus recommendation to "Buy" from 19 research firms, with 15 analysts rating it as a buy and 4 as a strong buy, setting an average target price of $26.12.
• The stock recently opened at $19.45 and has shown a 12-month price range between $8.73 and $31.95.
• Hut 8 reported a quarterly earnings per share of ($0.14), beating expectations, with total revenue of $41.72 million for the quarter.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have received an average recommendation of "Buy" from the nineteen research firms that are presently covering the firm, Marketbeat reports. Fifteen equities research analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $26.1176.

A number of equities research analysts have issued reports on the company. JMP Securities began coverage on Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target on the stock. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Northland Securities set a $26.00 price objective on shares of Hut 8 in a research report on Friday, July 11th. HC Wainwright reissued a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Citigroup began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating for the company.

Hut 8 Stock Down 2.8%

HUT stock opened at $19.45 on Friday. The business's 50-day moving average price is $19.50 and its 200-day moving average price is $16.72. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. Hut 8 has a twelve month low of $8.73 and a twelve month high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 9.93%. As a group, research analysts predict that Hut 8 will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This trade represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in the business. LPL Financial LLC boosted its holdings in shares of Hut 8 by 4.5% in the fourth quarter. LPL Financial LLC now owns 41,019 shares of the company's stock valued at $840,000 after purchasing an additional 1,777 shares during the period. JPMorgan Chase & Co. grew its position in shares of Hut 8 by 23.1% during the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after buying an additional 60,542 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Hut 8 by 3.0% in the fourth quarter. Alliancebernstein L.P. now owns 86,428 shares of the company's stock valued at $1,771,000 after acquiring an additional 2,518 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Hut 8 in the fourth quarter worth about $693,000. Finally, Wells Fargo & Company MN grew its holdings in Hut 8 by 28.6% during the 4th quarter. Wells Fargo & Company MN now owns 52,563 shares of the company's stock worth $1,077,000 after acquiring an additional 11,687 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

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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