Hut 8 Corp. (NASDAQ:HUT - Free Report) - Equities research analysts at HC Wainwright reduced their Q1 2024 earnings estimates for Hut 8 in a research note issued on Monday, April 1st. HC Wainwright analyst M. Colonnese now expects that the company will earn ($0.06) per share for the quarter, down from their previous estimate of ($0.01). HC Wainwright currently has a "Sell" rating and a $9.00 price target on the stock. The consensus estimate for Hut 8's current full-year earnings is ($0.05) per share. HC Wainwright also issued estimates for Hut 8's Q2 2024 earnings at ($0.35) EPS, Q3 2024 earnings at ($0.39) EPS, Q4 2024 earnings at ($0.38) EPS and FY2024 earnings at ($1.18) EPS.
Other equities analysts have also issued research reports about the stock. Craig Hallum upped their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a "hold" rating in a research report on Monday. Stifel Nicolaus upped their price target on shares of Hut 8 from $3.25 to $15.00 and gave the stock a "speculative buy" rating in a research report on Monday, January 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price target on shares of Hut 8 in a research report on Monday. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $3.50 price target on shares of Hut 8 in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.30.
View Our Latest Analysis on HUT
Hut 8 Trading Up 3.3 %
HUT stock traded up $0.31 on Wednesday, hitting $9.69. 2,764,481 shares of the company were exchanged, compared to its average volume of 5,697,836. Hut 8 has a twelve month low of $6.18 and a twelve month high of $22.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The business's fifty day moving average is $8.55 and its two-hundred day moving average is $6.72. The stock has a market capitalization of $429.75 million, a price-to-earnings ratio of -3.52 and a beta of 3.91.
Institutional Investors Weigh In On Hut 8
Several large investors have recently made changes to their positions in the business. Nomura Holdings Inc. acquired a new stake in Hut 8 during the 4th quarter valued at $1,774,000. Barclays PLC boosted its stake in Hut 8 by 387.2% during the 4th quarter. Barclays PLC now owns 197,437 shares of the company's stock valued at $2,633,000 after acquiring an additional 156,911 shares during the last quarter. Voya Investment Management LLC bought a new position in Hut 8 during the 4th quarter valued at $246,000. Nuveen Asset Management LLC bought a new position in Hut 8 during the 4th quarter valued at $496,000. Finally, Foundations Investment Advisors LLC bought a new position in Hut 8 during the 4th quarter valued at $605,000. Institutional investors and hedge funds own 31.75% of the company's stock.
Hut 8 Company Profile
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Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.
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