Hut 8’s (HUT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Friday, Benzinga reports. Needham & Company LLC currently has a $15.00 price objective on the stock.

A number of other research analysts also recently weighed in on the stock. Benchmark reaffirmed a buy rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a buy rating and issued a $22.00 target price on shares of Hut 8 in a research report on Wednesday. Craig Hallum raised their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a research report on Friday, June 14th. Finally, HC Wainwright raised shares of Hut 8 from a sell rating to a buy rating and raised their target price for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $16.08.

Hut 8 Stock Performance

Hut 8 stock opened at $12.57 on Friday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company has a fifty day simple moving average of $14.53 and a 200 day simple moving average of $10.81. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. Foundations Investment Advisors LLC bought a new stake in shares of Hut 8 during the 4th quarter worth about $605,000. Nomura Holdings Inc. bought a new stake in shares of Hut 8 during the 4th quarter worth about $1,774,000. Westend Capital Management LLC bought a new stake in shares of Hut 8 during the 1st quarter worth about $5,190,000. Global Retirement Partners LLC boosted its holdings in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares during the period. Finally, Triton Wealth Management PLLC boosted its holdings in shares of Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after buying an additional 2,490 shares during the period. 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.