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

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have received a consensus rating of "Buy" from the nineteen research firms that are covering the stock, Marketbeat.com reports. Fifteen investment analysts have rated the stock with a buy recommendation and four have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $26.12.

HUT has been the topic of a number of research analyst reports. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a research note on Thursday, May 22nd. B. Riley initiated coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target on the stock. Citigroup initiated coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. BTIG Research initiated coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Benchmark reduced their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd.

Hut 8 Stock Performance

HUT stock traded up $0.26 during mid-day trading on Wednesday, hitting $22.38. The stock had a trading volume of 686,069 shares, compared to its average volume of 5,761,131. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. Hut 8 has a 52 week low of $8.73 and a 52 week high of $31.95. The firm has a fifty day simple moving average of $18.07 and a 200 day simple moving average of $17.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $33.68 million. On average, equities research analysts expect that Hut 8 will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Victor Semah sold 11,363 shares of the business'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 transaction, the insider owned 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the business's 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 transaction, the director owned 19,791 shares in the company, valued at $312,104.07. The trade was a 35.87% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Optiver Holding B.V. acquired a new position in Hut 8 during the fourth quarter worth $35,000. Russell Investments Group Ltd. raised its holdings in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after buying an additional 1,823 shares during the last quarter. Sterling Capital Management LLC raised its holdings in Hut 8 by 825.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock worth $52,000 after buying an additional 2,277 shares during the last quarter. State of Wyoming acquired a new position in Hut 8 during the first quarter worth $32,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Hut 8 during the fourth quarter worth $57,000. Institutional investors and hedge funds own 31.75% of the company's stock.

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.