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

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have received a consensus rating of "Buy" from the eighteen ratings firms that are presently covering the stock, MarketBeat.com reports. Fifteen analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $25.81.

A number of equities research analysts have issued reports on HUT shares. UBS Group set a $33.00 price objective on Hut 8 in a research report on Wednesday, April 2nd. JMP Securities assumed coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective on the stock. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Rosenblatt Securities assumed coverage on Hut 8 in a report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, HC Wainwright reiterated 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 1.7%

HUT stock traded down $0.26 during midday trading on Tuesday, reaching $15.12. 7,477,779 shares of the company traded hands, compared to its average volume of 5,850,421. Hut 8 has a 52-week low of $8.73 and a 52-week high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average of $13.52 and a 200-day moving average of $18.71.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (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. On average, sell-side analysts forecast that Hut 8 will post -0.53 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 value of $147,150.85. Following the transaction, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 11.20% of the stock is owned by insiders.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of HUT. Nisa Investment Advisors LLC boosted its position in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. KBC Group NV bought a new stake in Hut 8 during the 4th quarter valued at $69,000. Foundations Investment Advisors LLC boosted its position in Hut 8 by 1.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock valued at $1,039,000 after acquiring an additional 932 shares in the last quarter. R Squared Ltd bought a new stake in Hut 8 during the 4th quarter valued at $26,000. Finally, Rhumbline Advisers boosted its position in Hut 8 by 2.3% during the 4th quarter. Rhumbline Advisers now owns 128,351 shares of the company's stock valued at $2,630,000 after acquiring an additional 2,944 shares in the last quarter. Institutional investors own 31.75% of the company's stock.

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.