Hut 8 (NASDAQ:HUT) Earns Buy Rating from HC Wainwright

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $25.00 target price on the stock. HC Wainwright's price objective suggests a potential upside of 79.99% from the stock's previous close.

HUT has been the topic of several other research reports. Needham & Company LLC reiterated a "buy" rating and set a $21.00 price target on shares of Hut 8 in a report on Friday. BTIG Research initiated coverage on Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 price target on the stock. Rosenblatt Securities initiated coverage on Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. UBS Group set a $33.00 price target on Hut 8 in a report on Wednesday, April 2nd. Finally, Maxim Group initiated coverage on Hut 8 in a report on Thursday, May 1st. They set a "buy" rating and a $20.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Hut 8 has an average rating of "Buy" and an average target price of $26.00.

Hut 8 Stock Down 2.0%

NASDAQ:HUT traded down $0.28 during mid-day trading on Friday, reaching $13.89. The stock had a trading volume of 8,227,947 shares, compared to its average volume of 5,569,635. The business's 50 day moving average is $12.49 and its 200 day moving average is $18.96. Hut 8 has a fifty-two week low of $7.67 and a fifty-two 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.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. As a group, equities research analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of Hut 8 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 sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in Hut 8 during the fourth quarter worth $1,180,000. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 during the fourth quarter worth $37,400,000. JPMorgan Chase & Co. boosted its stake in Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after buying an additional 60,542 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Hut 8 by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company's stock worth $18,242,000 after buying an additional 76,299 shares in the last quarter. Institutional investors and hedge funds 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.