Hut 8 (NASDAQ:HUT) Earns Buy Rating from Needham & Company LLC

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $21.00 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 51.19% from the company's current price.

HUT has been the subject of a number of other research reports. Maxim Group initiated coverage on shares of Hut 8 in a research report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. BTIG Research initiated coverage on shares of Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price for the company. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. HC Wainwright cut their price target on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. 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. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $26.00.

Hut 8 Price Performance

HUT traded down $0.28 on Friday, reaching $13.89. The company had a trading volume of 8,227,947 shares, compared to its average volume of 5,569,635. The company has a fifty day moving average of $12.49 and a 200-day moving average of $18.96. 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 one year low of $7.67 and a one year high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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. As a group, research analysts expect that Hut 8 will post -0.53 EPS for the current year.

Insider Buying and Selling 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 completion of the sale, the insider now directly owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.00% of the company's stock.

Institutional Trading of Hut 8

A number of hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock worth $174,000 after purchasing an additional 618 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock worth $487,000 after purchasing an additional 637 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after purchasing an additional 819 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after purchasing an additional 932 shares in 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.