Hut 8 Corp. (NASDAQ:HUT) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Hut 8 Corp. has received an average recommendation of "Buy" from analysts, with 17 out of 20 analysts recommending a buy or strong buy.
• The average 12-month price target for Hut 8 is approximately $38.41, with individual price targets ranging significantly from $26 to $74.
• Insider transactions indicate a notable selling trend, with 16,060 shares sold by corporate insiders recently, reflecting a decrease in their ownership positions.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given a consensus recommendation of "Buy" by the twenty ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, seventeen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $38.4118.

HUT has been the subject of several research analyst reports. Northland Securities set a $26.00 price objective on Hut 8 in a research note on Friday, July 11th. Citigroup reaffirmed an "outperform" rating on shares of Hut 8 in a research report on Tuesday. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Rosenblatt Securities boosted their target price on shares of Hut 8 from $30.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Finally, Piper Sandler set a $74.00 price target on shares of Hut 8 and gave the company an "overweight" rating in a report on Monday.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 8,500 shares of the 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 completion of the transaction, the director owned 9,791 shares of the company's stock, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,060 shares of company stock valued at $399,485 in the last quarter. Corporate insiders own 11.20% of the company's stock.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock valued at $28,000 after buying an additional 815 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock worth $30,000 after acquiring an additional 655 shares during the last quarter. Russell Investments Group Ltd. increased its position in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock valued at $46,000 after acquiring an additional 1,719 shares in the last quarter. State of Wyoming bought a new position in shares of Hut 8 in the first quarter worth about $32,000. Finally, US Bancorp DE raised its stake in shares of Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Price Performance

NASDAQ:HUT opened at $40.64 on Friday. 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 business's 50-day moving average price is $34.76 and its 200 day moving average price is $23.22. Hut 8 has a 52-week low of $10.04 and a 52-week high of $57.29.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business 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, sell-side analysts predict 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.

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