BTIG Research Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Key Points

• Hut 8's price target has been increased from $25.00 to $33.00 by BTIG Research, indicating a potential upside of 18.89% from its previous close.
• The company reported earnings of ($0.14) per share, surpassing analyst estimates but falling short of revenue expectations at $41.72 million for the quarter.
• Insider selling activity includes CFO Sean Joseph Glennan offloading 6,060 shares at an average price of $22.09, marking a significant decrease in his ownership position.

Hut 8 (NASDAQ:HUT - Free Report) had its target price increased by BTIG Research from $25.00 to $33.00 in a report published on Tuesday, Marketbeat.com reports. BTIG Research currently has a buy rating on the stock.

HUT has been the topic of a number of other reports. Roth Capital started coverage on shares of Hut 8 in a research note on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 target price on the stock in a research note on Thursday, May 22nd. JMP Securities initiated coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price on the stock. Canaccord Genuity Group raised their target price on shares of Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, Northland Securities set a $26.00 target price on shares of Hut 8 in a research note on Friday, July 11th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $27.82.

Hut 8 Price Performance

Hut 8 stock traded up $0.48 during midday trading on Tuesday, reaching $32.44. The company had a trading volume of 3,811,474 shares, compared to its average volume of 5,536,389. Hut 8 has a 12-month low of $10.04 and a 12-month high of $32.83. The firm's fifty day simple moving average is $23.25 and its 200-day simple moving average is $17.63. 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 (NASDAQ:HUT - Get Free Report) last issued its quarterly 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. The firm had revenue of $41.72 million for the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, analysts anticipate that Hut 8 will post -0.53 EPS for the current year.

Insider Buying and Selling

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares of the company's stock, valued at $259,951.05. This represents a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,129 shares of company stock valued at $574,044 in the last 90 days. Insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

Institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its holdings in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after purchasing an additional 28,462 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Hut 8 in the 1st quarter valued at approximately $143,000. Bank of America Corp DE increased its holdings in Hut 8 by 16.8% in the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock valued at $3,002,000 after purchasing an additional 21,058 shares during the last quarter. Nuveen LLC acquired a new stake in Hut 8 in the 1st quarter valued at approximately $2,508,000. Finally, Thomist Capital Management LP acquired a new stake in Hut 8 in the 4th quarter valued at approximately $502,000. Institutional investors and hedge funds 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.