Hut 8's (HUT) "Hold (C-)" Rating Reiterated at Weiss Ratings

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "hold (c-)" rating restated by Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other brokerages have also recently commented on HUT. Maxim Group raised their target price on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Canaccord Genuity Group upped their price target on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Roth Capital reiterated a "buy" rating and set a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Rosenblatt Securities cut their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, Northland Securities set a $26.00 price target on shares of Hut 8 in a report on Friday, July 11th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $29.88.

Hut 8 Trading Up 6.9%

NASDAQ HUT opened at $44.60 on Wednesday. Hut 8 has a 52 week low of $10.04 and a 52 week high of $45.25. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $29.05 and a 200-day moving average price of $20.61.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, analysts predict that Hut 8 will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares of the company's stock, valued at $259,951.05. This represents a 46.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,060 shares of company stock worth $399,485. Company insiders own 11.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its position in Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock valued at $28,000 after purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after buying an additional 655 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after acquiring an additional 1,719 shares during the last quarter. State of Wyoming bought a new stake in Hut 8 during the first quarter worth approximately $32,000. Finally, US Bancorp DE increased its stake in Hut 8 by 3,961.7% during the first 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 last quarter. 31.75% of the stock is 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.

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