Hut 8 (NASDAQ:HUT - Free Report) had its price objective upped by Maxim Group from $23.00 to $30.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.
A number of other research analysts also recently weighed in on HUT. Citigroup assumed coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Rosenblatt Securities cut their target price on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Monday. Northland Securities set a $26.00 target price on shares of Hut 8 in a research note on Friday, July 11th. Canaccord Genuity Group reissued a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research note on Monday, May 12th. Finally, Needham & Company LLC reissued a "buy" rating and set a $21.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Hut 8 has a consensus rating of "Buy" and a consensus price target of $26.71.
Check Out Our Latest Analysis on HUT
Hut 8 Stock Performance
Shares of NASDAQ:HUT traded down $0.48 on Monday, hitting $23.32. 4,711,982 shares of the company were exchanged, compared to its average volume of 4,597,709. The stock's 50 day moving average price is $20.07 and its 200 day moving average price is $16.75. Hut 8 has a 1-year low of $8.73 and a 1-year high of $31.95. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.
Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. Equities analysts expect that Hut 8 will post -0.53 earnings per share for the current year.
Insider Activity at Hut 8
In other news, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director directly owned 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 11.20% of the company's stock.
Hedge Funds Weigh In On Hut 8
Large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after buying an additional 815 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after purchasing an additional 655 shares during the last quarter. State of Wyoming purchased a new stake in shares of Hut 8 in the 1st quarter valued at approximately $32,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $35,000. Finally, US Bancorp DE increased its position in shares of Hut 8 by 3,961.7% in 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 during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.
Hut 8 Company Profile
(
Get Free Report)
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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