Brokerages Set Hut 8 Corp. (NASDAQ:HUT) Price Target at $12.25

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average rating of “Moderate Buy” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $12.58.

A number of research analysts have weighed in on HUT shares. HC Wainwright dropped their target price on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating on the stock in a research note on Thursday, May 16th. Craig Hallum upped their price target on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC upped their price target on shares of Hut 8 from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price target on shares of Hut 8 in a research note on Thursday, May 16th. Finally, Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Hut 8 in a report on Friday, June 7th.

Hut 8 Stock Down 2.0 %

Hut 8 stock opened at $11.28 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.61 and a current ratio of 0.31. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The firm’s 50-day simple moving average is $8.90 and its 200 day simple moving average is $9.23.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. Equities analysts forecast that Hut 8 will post -0.43 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the transaction, the chief financial officer now owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp boosted its position in Hut 8 by 15.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after buying an additional 297,552 shares during the period. Headlands Technologies LLC purchased a new stake in Hut 8 during the 3rd quarter valued at $73,000. Qube Research & Technologies Ltd purchased a new stake in Hut 8 during the 3rd quarter valued at $3,429,000. Wellington Management Group LLP boosted its position in Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the period. Finally, Savior LLC purchased a new stake in Hut 8 during the 4th quarter valued at $1,543,000. 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.