Hut 8 (NASDAQ:HUT) Now Covered by Roth Capital

Stock analysts at Roth Capital initiated coverage on shares of Hut 8 (NASDAQ:HUT - Get Free Report) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $25.00 price target on the stock. Roth Capital's target price points to a potential upside of 53.19% from the stock's current price.

HUT has been the topic of a number of other research reports. UBS Group set a $33.00 target price on Hut 8 in a report on Wednesday, April 2nd. Needham & Company LLC reissued a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Northland Capmk raised Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Maxim Group started coverage on Hut 8 in a research report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th. Sixteen analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $25.76.

Hut 8 Stock Down 4.1%

HUT opened at $16.32 on Friday. The business has a fifty day simple moving average of $13.84 and a 200 day simple moving average of $18.52. Hut 8 has a 1 year low of $8.73 and a 1 year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. Equities analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the company. Optiver Holding B.V. purchased a new position in Hut 8 during the fourth quarter worth about $35,000. Russell Investments Group Ltd. increased its stake in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares during the last quarter. Principal Securities Inc. acquired a new stake in Hut 8 during the fourth quarter worth $45,000. Sterling Capital Management LLC increased its stake in Hut 8 by 825.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock worth $52,000 after acquiring an additional 2,277 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Hut 8 during the first quarter worth $32,000. 31.75% of the stock is owned by hedge funds and other 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.

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