Hut 8 (NASDAQ:HUT) Price Target Increased to $16.50 by Analysts at Needham & Company LLC

Hut 8 (NASDAQ:HUT) had its target price hoisted by Needham & Company LLC from $15.00 to $16.50 in a research report report published on Tuesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages also recently weighed in on HUT. Benchmark reaffirmed a buy rating and set a $17.00 target price on shares of Hut 8 in a research note on Wednesday, August 14th. Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research report on Friday, June 14th. Canaccord Genuity Group reiterated a buy rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Finally, HC Wainwright reaffirmed a buy rating and issued a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of Buy and an average price target of $16.33.

Hut 8 Stock Up 8.0 %

NASDAQ:HUT opened at $12.50 on Tuesday. Hut 8 has a 52 week low of $6.18 and a 52 week high of $21.10. The stock’s fifty day moving average is $12.51 and its two-hundred day moving average is $11.16. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Research analysts predict that Hut 8 will post -0.56 EPS for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new position in shares of Hut 8 during the first quarter worth about $18,191,000. Van ECK Associates Corp increased its position in Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after acquiring an additional 558,824 shares during the period. D1 Capital Partners L.P. purchased a new stake in Hut 8 during the 2nd quarter valued at approximately $17,388,000. Finally, Millennium Management LLC lifted its position in Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after acquiring an additional 205,836 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.