Roth Capital Reiterates "Buy" Rating for Hut 8 (NASDAQ:HUT)

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.

Roth Capital reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT - Free Report) in a research note published on Monday, Marketbeat reports. Roth Capital currently has a $60.00 price target on the stock, up from their previous price target of $31.00.

Several other research analysts have also commented on the company. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a report on Thursday, May 22nd. JMP Securities started coverage on Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target on the stock. Canaccord Genuity Group lifted their price target on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Northland Securities set a $26.00 price target on Hut 8 in a report on Friday, July 11th. Finally, 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. Three equities research analysts have rated the stock with a Strong Buy rating and sixteen have assigned a Buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $29.88.

Hut 8 Stock Down 3.0%

HUT stock traded down $1.14 during midday trading on Monday, reaching $36.24. The stock had a trading volume of 9,560,519 shares, compared to its average volume of 5,863,710. The company's fifty day simple moving average is $24.71 and its 200 day simple moving average is $18.36. The company has a current ratio of 1.81, a quick 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 $39.47.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data 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. Equities analysts expect that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Activity

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business's 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 transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,129 shares of company stock valued at $574,044. 11.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in HUT. Ameriprise Financial Inc. acquired a new position in shares of Hut 8 during the fourth quarter worth about $3,065,000. Bank of America Corp DE lifted its stake in Hut 8 by 16.8% during the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after purchasing an additional 21,058 shares during the last quarter. Deutsche Bank AG lifted its stake in Hut 8 by 46.8% during the fourth quarter. Deutsche Bank AG now owns 71,375 shares of the company's stock worth $1,462,000 after purchasing an additional 22,746 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Hut 8 by 2.5% during the fourth quarter. Nuveen Asset Management LLC now owns 226,673 shares of the company's stock worth $4,645,000 after purchasing an additional 5,590 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Hut 8 during the fourth quarter worth approximately $208,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.