Craig Hallum Increases Hut 8 (NASDAQ:HUT) Price Target to $14.00

Hut 8 (NASDAQ:HUT) had its price objective boosted by stock analysts at Craig Hallum from $12.00 to $14.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s target price would suggest a potential upside of 24.11% from the company’s previous close.

HUT has been the subject of a number of other research reports. HC Wainwright cut their price target on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday, May 16th. Needham & Company LLC upped their price target on shares of Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Hut 8 in a report on Friday, June 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Hut 8 in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.58.

Hut 8 Stock Performance

Shares of HUT stock opened at $11.28 on Friday. The company has a quick ratio of 4.61, a current ratio of 0.31 and a debt-to-equity ratio of 0.18. The company has a 50-day simple moving average of $8.90 and a 200 day simple moving average of $9.23. Hut 8 has a 52 week low of $6.18 and a 52 week high of $22.75.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.74 million during the quarter, compared to the consensus estimate of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. As a group, equities analysts forecast that Hut 8 will post -0.43 earnings per share 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 transaction of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at $251,549.75. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC lifted its stake in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC lifted its stake in shares of Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Hut 8 in the first quarter valued at $255,000. AM Investment Strategies LLC bought a new position in shares of Hut 8 in the fourth quarter valued at $597,000. Finally, Foundations Investment Advisors LLC bought a new position in shares of Hut 8 in the fourth quarter valued at $605,000. 31.75% of the stock is owned by institutional investors.

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.