Hut 8 (NASDAQ:HUT) Given "Buy" Rating at Roth Capital

Key Points

• Roth Capital has reaffirmed a "Buy" rating for Hut 8 (NASDAQ:HUT) and raised its price target to $60.00, indicating a potential upside of 81.47% from the previous close.
• Hut 8 reported a revenue of $41.72 million for the last quarter, beating analyst estimates, but reported a loss of $0.14 earnings per share.
• Insiders at Hut 8 have sold significant shares recently, including a 46.47% decrease in ownership by Director Joseph Flinn.

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reaffirmed by Roth Capital in a note issued to investors on Monday,Benzinga reports. They presently have a $60.00 price objective on the stock, up from their previous price objective of $31.00. Roth Capital's target price indicates a potential upside of 81.47% from the company's previous close.

Other analysts have also issued reports about the company. Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research report on Thursday, May 22nd. JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price for the company. Citigroup started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Finally, Canaccord Genuity Group raised their target price on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Three research analysts have rated the stock with a Strong Buy rating and sixteen have assigned a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $29.88.

Hut 8 Trading Up 1.9%

NASDAQ:HUT traded up $0.62 on Monday, hitting $33.06. The stock had a trading volume of 2,378,360 shares, compared to its average volume of 5,645,915. The business's fifty day moving average is $23.25 and its 200 day moving average is $17.65. 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 has a 52 week low of $10.04 and a 52 week high of $33.30.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $49.10 million. On average, sell-side analysts predict that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Activity

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company's stock, valued at $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,129 shares of company stock valued at $574,044. Corporate insiders own 11.20% of the company's stock.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company's stock valued at $46,255,000 after acquiring an additional 2,269,237 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 in the 4th quarter valued at about $24,170,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after acquiring an additional 829,484 shares during the last quarter. Moore Capital Management LP bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $9,159,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock valued at $12,835,000 after acquiring an additional 471,355 shares during 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.

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