Hut 8 (NASDAQ:HUT) Upgraded by Citizens Jmp to Strong-Buy Rating

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by investment analysts at Citizens Jmp to a "strong-buy" rating in a research note issued to investors on Thursday, Marketbeat reports. The firm currently has a $25.00 price objective on the stock. Citizens Jmp's price target indicates a potential upside of 47.02% from the company's previous close.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. UBS Group set a $33.00 target price on shares of Hut 8 in a research note on Wednesday, April 2nd. B. Riley started coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target for the company. BTIG Research initiated coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Hut 8 has an average rating of "Buy" and a consensus target price of $25.81.

Hut 8 Trading Up 2.1%

HUT traded up $0.36 during midday trading on Thursday, hitting $17.01. The company had a trading volume of 4,429,636 shares, compared to its average volume of 5,801,109. Hut 8 has a twelve month low of $8.53 and a twelve month 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 firm's 50-day simple moving average is $13.33 and its 200-day simple moving average is $18.91.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations 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 related news, insider Victor Semah sold 11,363 shares of Hut 8 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 sale, the insider now owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.20% of the company's stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after purchasing an additional 245,113 shares during the period. Northern Trust Corp lifted its position in Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after purchasing an additional 28,462 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Hut 8 in the 4th quarter valued at $1,180,000. Jericho Capital Asset Management L.P. bought a new position in Hut 8 in the fourth quarter valued at about $37,400,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Hut 8 by 23.1% during the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after purchasing an additional 60,542 shares during the last quarter. Institutional investors own 31.75% of the company's stock.

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.