Hut 8 (NASDAQ:HUT) Price Target Raised to $30.00 at Maxim Group

Key Points

• The price target for Hut 8 has been raised from $23.00 to $30.00 by Maxim Group, indicating a potential upside of 42.31%.
• Hut 8's stock is currently rated as a "buy" by multiple research firms, with a consensus average target price of $26.71.
• Shares of Hut 8 recently traded at $21.08, reflecting an increase of 8.3% during midday trading.

Hut 8 (NASDAQ:HUT - Get Free Report) had its price target upped by stock analysts at Maxim Group from $23.00 to $30.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Maxim Group's target price suggests a potential upside of 42.31% from the company's current price.

Several other research firms have also issued reports on HUT. BTIG Research began coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price on the stock. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a report on Thursday, May 22nd. Needham & Company LLC reiterated a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Roth Capital started coverage on shares of Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Citigroup started coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set an "outperform" rating on the stock. Fifteen equities research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $26.71.

Hut 8 Trading Up 8.3%

Shares of NASDAQ HUT traded up $1.62 during midday trading on Monday, reaching $21.08. 3,330,008 shares of the company were exchanged, compared to its average volume of 5,629,027. The stock's 50-day moving average price is $19.50 and its 200-day moving average price is $16.66. Hut 8 has a one year low of $8.73 and a one year high of $31.95. 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 issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The company had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. As a group, research analysts predict that Hut 8 will post -0.53 EPS for the current year.

Insider Buying and Selling at Hut 8

In other news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. This represents a 35.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew its holdings in Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after acquiring an additional 815 shares during the last quarter. State of Wyoming bought a new stake in Hut 8 in the 1st quarter worth $32,000. Optiver Holding B.V. bought a new stake in Hut 8 in the 4th quarter worth $35,000. US Bancorp DE boosted its stake 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 valued at $38,000 after purchasing an additional 3,209 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake 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 valued at $42,000 after purchasing an additional 1,823 shares in the last quarter. Institutional investors own 31.75% of the company's stock.

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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