Hut 8 (NASDAQ:HUT) Raised to "Strong-Buy" at Citizens Jmp

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by stock analysts at Citizens Jmp to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm presently has a $25.00 price objective on the stock. Citizens Jmp's target price points to a potential upside of 46.37% from the company's previous close.

Other analysts have also issued research reports about the company. Maxim Group started coverage on Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. B. Riley began coverage on Hut 8 in a research report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th. Finally, BTIG Research started 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 for the company. Sixteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $25.81.

Hut 8 Stock Up 4.4%

NASDAQ:HUT opened at $17.08 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a fifty-two week low of $8.53 and a fifty-two week high of $31.95. The firm has a 50-day simple moving average of $13.16 and a two-hundred day simple moving average of $18.93.

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

Insiders Place Their Bets

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.20% of the company's stock.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. GoalVest Advisory LLC bought a new stake in shares of Hut 8 during the 4th quarter valued at $330,000. KBC Group NV purchased a new position in shares of Hut 8 during the 4th quarter valued at $69,000. Foundations Investment Advisors LLC lifted its stake in shares of 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 buying an additional 932 shares in the last quarter. Finally, R Squared Ltd bought a new position in Hut 8 in the 4th quarter worth $26,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.