HC Wainwright Analysts Increase Earnings Estimates for Hut 8

Hut 8 Corp. (NASDAQ:HUT) – Stock analysts at HC Wainwright lifted their FY2024 EPS estimates for Hut 8 in a report released on Thursday, November 14th. HC Wainwright analyst M. Colonnese now expects that the company will post earnings per share of ($0.26) for the year, up from their previous forecast of ($0.55). HC Wainwright currently has a “Buy” rating and a $35.00 target price on the stock. The consensus estimate for Hut 8’s current full-year earnings is ($0.26) per share. HC Wainwright also issued estimates for Hut 8’s Q4 2024 earnings at ($0.18) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at $0.11 EPS and FY2025 earnings at $0.33 EPS.

HUT has been the subject of a number of other research reports. Needham & Company LLC boosted their price target on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark upped their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Craig Hallum raised their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $25.32 on Monday. The company has a 50 day moving average of $14.77 and a 200 day moving average of $13.12. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Large investors have recently added to or reduced their stakes in the company. Swiss National Bank lifted its holdings in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after buying an additional 54,100 shares in the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 2,754,037 shares during the period. Vident Advisory LLC lifted its position in shares of Hut 8 by 78.3% during the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after buying an additional 255,307 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the first quarter valued at about $18,191,000. Finally, Westend Capital Management LLC increased its holdings in shares of Hut 8 by 1.7% during the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after acquiring an additional 7,827 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.