Hut 8 (NASDAQ:HUT) Stock Rating Upgraded by Roth Capital

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by Roth Capital to a "strong-buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other brokerages have also commented on HUT. BTIG Research initiated coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price for the company. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research report on Thursday, May 22nd. B. Riley initiated coverage on Hut 8 in a research report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 target price for the company. Northland Securities initiated coverage on Hut 8 in a research report on Monday, April 21st. They issued an "outperform" rating and a $20.00 target price for the company. Finally, JMP Securities initiated coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $25.76.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $18.57 on Thursday. Hut 8 has a fifty-two week low of $8.73 and a fifty-two week high of $31.95. The business has a 50 day moving average price of $13.94 and a two-hundred day moving average price of $18.47. 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 issued its quarterly earnings data 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 business had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. Sell-side analysts predict that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Hut 8 news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.20% of the company's stock.

Institutional Trading of Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Jericho Capital Asset Management L.P. bought a new stake in Hut 8 during the 4th quarter valued at $37,400,000. D. E. Shaw & Co. Inc. bought a new stake in Hut 8 during the 4th quarter valued at $27,115,000. Voloridge Investment Management LLC acquired a new position in shares of Hut 8 during the 4th quarter valued at $24,170,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Hut 8 during the 4th quarter valued at $23,009,000. Finally, Invesco Ltd. increased its position in shares of Hut 8 by 1,408.8% during the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares during the period. 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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