Hut 8 (NASDAQ:HUT) Given New $65.00 Price Target at Rosenblatt Securities

Key Points

• Rosenblatt Securities has raised its price target for Hut 8 (NASDAQ:HUT) from $30.00 to $65.00, indicating a potential upside of 28.75% from the stock's prior close.
• In recent trading, shares of Hut 8 experienced a decline of 6.4%, falling to $50.48, amidst a trading volume below its average.
• Multiple analysts have given Hut 8 a consensus rating of "Buy", with various price targets ranging from $30.00 to $65.00 reflecting positive sentiment in the market.

Hut 8 (NASDAQ:HUT - Get Free Report) had its price target lifted by investment analysts at Rosenblatt Securities from $30.00 to $65.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Rosenblatt Securities' price target would suggest a potential upside of 28.75% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Roth Capital reissued a "buy" rating and issued a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Canaccord Genuity Group increased their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Weiss Ratings reissued a "hold (c-)" rating on shares of Hut 8 in a research note on Wednesday, October 8th. Maxim Group raised their price target on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Finally, BTIG Research raised their price target on shares of Hut 8 from $33.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $33.65.

Hut 8 Stock Down 6.4%

Shares of NASDAQ HUT traded down $3.43 during trading hours on Thursday, hitting $50.48. 3,865,454 shares of the stock were exchanged, compared to its average volume of 5,854,324. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The company's fifty day simple moving average is $31.84 and its two-hundred day simple moving average is $21.84. Hut 8 has a 1-year low of $10.04 and a 1-year high of $57.29.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business 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%. Analysts forecast that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction 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 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after purchasing an additional 655 shares in the last quarter. Main Management ETF Advisors LLC lifted its position in shares of Hut 8 by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company's stock valued at $832,000 after purchasing an additional 732 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Hut 8 by 1.1% during the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company's stock valued at $1,245,000 after purchasing an additional 734 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock valued at $28,000 after purchasing an additional 815 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after acquiring an additional 819 shares during the period. 31.75% of the stock is owned by institutional investors.

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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