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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) has been assigned a consensus recommendation of "Buy" from the nineteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Fifteen analysts have rated the stock with a buy recommendation and four have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $26.12.

Several brokerages have recently weighed in on HUT. HC Wainwright reiterated a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Citigroup assumed coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set an "outperform" rating for the company. Roth Capital assumed coverage on shares of Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price objective for the company. Benchmark dropped their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Finally, B. Riley assumed coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 price objective for the company.

Hut 8 Trading Down 2.3%

Shares of NASDAQ HUT traded down $0.50 during trading on Wednesday, reaching $21.62. 5,333,212 shares of the company traded hands, compared to its average volume of 5,781,544. Hut 8 has a 12-month low of $8.73 and a 12-month high of $31.95. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26. The firm's fifty day simple moving average is $18.23 and its 200 day simple moving average is $17.19.

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

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming bought a new position in Hut 8 during the 1st quarter valued at about $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $35,000. US Bancorp DE grew its position in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after buying an additional 3,209 shares during the period. Russell Investments Group Ltd. grew its position in shares of Hut 8 by 832.4% during the 4th 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 period. Finally, Sterling Capital Management LLC grew its position in shares of Hut 8 by 825.0% during the 4th 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 period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.