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

Roth Capital initiated coverage on shares of Hut 8 (NASDAQ:HUT - Free Report) in a report released on Friday morning, Marketbeat.com reports. The firm issued a buy rating and a $25.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the stock. Maxim Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective on the stock. Citigroup assumed coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. HC Wainwright reaffirmed a "buy" rating and set a $25.00 price target on shares of Hut 8 in a research note on Friday, May 9th. B. Riley assumed coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target on the stock. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Fifteen investment analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $25.76.

Hut 8 Price Performance

HUT stock traded down $0.02 on Friday, hitting $18.55. The company's stock had a trading volume of 5,931,697 shares, compared to its average volume of 5,919,781. The firm has a 50 day moving average of $14.05 and a two-hundred day moving average of $18.35. Hut 8 has a 1 year low of $8.73 and a 1 year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

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

Insider Buying and Selling

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HUT. State of Wyoming purchased a new position in Hut 8 in the 1st quarter valued at about $32,000. Optiver Holding B.V. purchased a new position in Hut 8 in the 4th quarter valued at about $35,000. US Bancorp DE lifted its holdings in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the 4th 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 period. Finally, Principal Securities Inc. purchased a new position in shares of Hut 8 during the 4th quarter worth about $45,000. 31.75% of the stock is currently owned by hedge funds and other 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.