Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $21.00 price objective on the stock. Needham & Company LLC's price objective indicates a potential upside of 29.87% from the company's previous close.
Several other research firms have also recently weighed in on HUT. UBS Group set a $33.00 target price on Hut 8 in a research note on Wednesday, April 2nd. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Rosenblatt Securities initiated coverage on Hut 8 in a report on Friday, March 7th. They issued a "buy" rating and a $23.00 target price on the stock. BTIG Research initiated coverage on Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 target price on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of "Buy" and a consensus target price of $25.93.
Read Our Latest Stock Analysis on HUT
Hut 8 Trading Down 2.0%
Shares of Hut 8 stock traded down $0.33 during trading on Friday, reaching $16.17. The company had a trading volume of 6,457,442 shares, compared to its average volume of 5,629,396. The firm's fifty day moving average is $12.56 and its 200-day moving average is $18.95. 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 has a fifty-two week low of $7.67 and a fifty-two week high of $31.95.
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 the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Sell-side analysts forecast that Hut 8 will post -0.53 EPS for the current year.
Insider Activity at Hut 8
In other Hut 8 news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.00% of the stock is currently owned by insiders.
Institutional Trading of Hut 8
A number of large investors have recently modified their holdings of the business. R Squared Ltd purchased a new stake in Hut 8 in the fourth quarter worth approximately $26,000. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Hut 8 in the 4th quarter worth approximately $35,000. US Bancorp DE boosted its holdings 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 buying an additional 3,209 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares in the last quarter. Institutional investors own 31.75% of the company's stock.
About Hut 8
(
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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