Hut 8 (NASDAQ:HUT) Coverage Initiated by Analysts at Maxim Group

Maxim Group assumed coverage on shares of Hut 8 (NASDAQ:HUT - Get Free Report) in a research note issued on Thursday, Marketbeat reports. The firm set a "buy" rating and a $20.00 price target on the stock. Maxim Group's target price would suggest a potential upside of 57.64% from the company's current price.

Several other research analysts have also recently issued reports on the company. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Benchmark decreased their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. BTIG Research began coverage on shares of Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective on the stock. Finally, Northland Securities began coverage on shares of Hut 8 in a report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price target on the stock. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $27.08.

Hut 8 Trading Down 0.6 %

Shares of Hut 8 stock traded down $0.07 during trading hours on Thursday, hitting $12.69. 2,262,448 shares of the company were exchanged, compared to its average volume of 5,461,791. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50-day moving average of $12.57 and a 200-day moving average of $19.02. Hut 8 has a 1 year low of $7.67 and a 1 year high of $31.95.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now directly owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HUT. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Hut 8 during the 1st quarter valued at about $1,104,000. Victory Capital Management Inc. increased its position in Hut 8 by 7.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after acquiring an additional 819 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Hut 8 by 181.2% during 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 in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after purchasing an additional 3,228 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of Hut 8 during the first quarter valued at about $3,042,000. 31.75% of the stock is currently owned by institutional investors.

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.