Hut 8 Corp. (NASDAQ:HUT) Receives $17.00 Average Price Target from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average recommendation of “Buy” from the six analysts that are covering the company, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $17.00.

Several research firms have issued reports on HUT. Needham & Company LLC upped their price target 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. Canaccord Genuity Group restated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Craig Hallum increased their price objective on 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 restated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Monday, October 7th.

Insider Activity

In other Hut 8 news, 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 value of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. Vanguard Group Inc. grew 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 worth $30,770,000 after purchasing an additional 2,754,037 shares during the period. Tidal Investments LLC bought a new stake in shares of Hut 8 during the 1st quarter valued at $18,191,000. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter worth about $17,388,000. Charles Schwab Investment Management Inc. increased its stake in shares of Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after acquiring an additional 197,074 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the 3rd quarter valued at about $9,997,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Down 3.0 %

NASDAQ:HUT opened at $23.86 on Friday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $25.32. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The business has a 50 day moving average of $13.27 and a 200 day moving average of $12.55.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. As a group, research analysts anticipate that Hut 8 will post -0.56 earnings per share for the current fiscal year.

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.