Hut 8 Corp. (NASDAQ:HUT – Get Free Report) has been assigned a consensus rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued a report on the stock in the last year is $16.50.
A number of analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Needham & Company LLC boosted their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Craig Hallum upped their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Benchmark reissued a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th.
Read Our Latest Analysis on Hut 8
Insiders Place Their Bets
Institutional Trading of Hut 8
A number of hedge funds have recently modified their holdings of the business. Westend Capital Management LLC increased its stake in shares of Hut 8 by 4.0% during the third quarter. Westend Capital Management LLC now owns 496,940 shares of the company’s stock valued at $6,092,000 after purchasing an additional 18,979 shares in the last quarter. SG Americas Securities LLC bought a new position in Hut 8 during the 3rd quarter valued at approximately $334,000. Clearline Capital LP purchased a new position in Hut 8 during the second quarter valued at $280,000. Ninepoint Partners LP bought a new stake in Hut 8 in the second quarter worth $720,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Hut 8 in the second quarter worth $460,000. Institutional investors own 31.75% of the company’s stock.
Hut 8 Price Performance
Hut 8 stock opened at $12.90 on Monday. The firm has a fifty day simple moving average of $11.33 and a two-hundred day simple moving average of $11.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 has a twelve month low of $6.18 and a twelve month high of $21.10.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, research analysts predict that Hut 8 will post -0.56 earnings per share for the current fiscal year.
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.
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