Hut 8 (NASDAQ:HUT) Price Target Lowered to $23.00 at Rosenblatt Securities

Key Points

• Hut 8 had its target price lowered by Rosenblatt Securities from $24.00 to $23.00, still retaining a "buy" rating, which indicates an 18.25% potential upside from its current trading price.
• Despite the price adjustment, several other brokerages have maintained optimism with eight analysts giving it "buy" or "strong buy" ratings, and the consensus target price now stands at $26.12.
• Hut 8 reported earnings of ($0.14) per share for the last quarter, slightly outperforming estimates, but revenue fell short at $41.72 million compared to analyst expectations.

Hut 8 (NASDAQ:HUT - Get Free Report) had its target price decreased by equities research analysts at Rosenblatt Securities from $24.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities' price objective would suggest a potential upside of 18.25% from the stock's current price.

Several other brokerages have also commented on HUT. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target 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 set a "market outperform" rating and a $25.00 price target on the stock. Maxim Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 1st. They set a "buy" rating and a $20.00 price target on the stock. Roth Capital began coverage on shares of Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price target on the stock. Finally, Citigroup began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Fifteen research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $26.12.

Hut 8 Price Performance

Shares of HUT opened at $19.45 on Monday. Hut 8 has a twelve month low of $8.73 and a twelve month high of $31.95. The firm's fifty day simple moving average is $19.50 and its 200-day simple moving average is $16.66. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data 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. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The business had revenue of $41.72 million for the quarter, compared to analyst estimates of $49.10 million. As a group, equities research analysts expect that Hut 8 will post -0.53 EPS for the current year.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the sale, the director owned 19,791 shares of the company's stock, valued at approximately $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.20% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

A number of institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC boosted its holdings in Hut 8 by 1.1% during the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company's stock worth $1,245,000 after buying an additional 734 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Hut 8 by 2.9% during the second quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 53,135 shares of the company's stock worth $988,000 after buying an additional 1,514 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in Hut 8 by 19.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,335 shares of the company's stock worth $397,000 after buying an additional 3,505 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Hut 8 by 13.7% in the second quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company's stock valued at $47,679,000 after purchasing an additional 309,113 shares in the last quarter. Finally, Tobam lifted its holdings in shares of Hut 8 by 48.9% in the second quarter. Tobam now owns 34,945 shares of the company's stock valued at $650,000 after purchasing an additional 11,482 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

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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