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

Key Points

• Hut 8 Corp. has received a consensus rating of "Buy" from 19 ratings firms, with an average one-year price target of $26.94.
• The company reported earnings of ($0.14) per share, exceeding estimates, but revenue of $41.72 million fell short of expectations of $49.10 million.
• Several institutional investors, including Vanguard Group and Ameriprise Financial, have significantly increased their holdings in Hut 8 recently.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) has been assigned a consensus recommendation of "Buy" from the nineteen brokerages that are covering the company, MarketBeat.com reports. Fifteen analysts have rated the stock with a buy recommendation and four have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $26.9412.

Several equities research analysts have issued reports on HUT shares. Canaccord Genuity Group increased their price target on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. B. Riley started coverage on Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target for the company. JMP Securities started coverage on Hut 8 in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target for the company. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a report on Thursday, May 22nd. Finally, HC Wainwright restated a "buy" rating and issued a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th.

Hut 8 Trading Down 0.9%

Shares of Hut 8 stock traded down $0.23 during trading hours on Thursday, hitting $25.38. The company's stock had a trading volume of 5,252,855 shares, compared to its average volume of 5,482,287. Hut 8 has a 12 month low of $8.73 and a 12 month high of $31.95. The stock has a 50 day moving average of $22.29 and a 200 day moving average of $17.19. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Joseph Flinn sold 11,069 shares of the 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 transaction, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value 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 trade represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,129 shares of company stock valued at $574,044 over the last ninety days. 11.20% of the stock is owned by insiders.

Institutional Trading of Hut 8

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after purchasing an additional 815 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after purchasing an additional 655 shares in the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 in the 1st quarter valued at $32,000. US Bancorp DE boosted its holdings in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of 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 purchasing an additional 1,719 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

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.