Hut 8 (NASDAQ:HUT) Price Target Raised to $17.00

Hut 8 (NASDAQ:HUTFree Report) had its price target raised by Benchmark from $12.00 to $17.00 in a report released on Friday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on HUT. HC Wainwright dropped their price target on Hut 8 from $9.00 to $7.50 and set a sell rating for the company in a report on Thursday, May 16th. Canaccord Genuity Group restated a buy rating and issued a $14.00 target price on shares of Hut 8 in a research note 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 research report on Thursday, May 16th. Finally, Craig Hallum increased their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a report on Friday, June 14th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $13.42.

View Our Latest Report on HUT

Hut 8 Stock Down 5.1 %

Shares of NASDAQ HUT opened at $12.35 on Friday. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The business has a fifty day simple moving average of $9.29 and a 200 day simple moving average of $9.46. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.

Hut 8 (NASDAQ:HUTGet Free Report) last posted its earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. As a group, equities research analysts expect that Hut 8 will post -0.43 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction that occurred 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 owns 30,865 shares in the company, valued at approximately $251,549.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Global Retirement Partners LLC grew its position in 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 purchasing an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC grew its stake in Hut 8 by 24.9% in the 1st 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 during the last quarter. Headlands Technologies LLC bought a new position in shares of Hut 8 during the first quarter worth approximately $255,000. AM Investment Strategies LLC acquired a new stake in shares of Hut 8 during the fourth quarter worth $597,000. Finally, Foundations Investment Advisors LLC bought a new stake in Hut 8 in the 4th quarter valued at about $605,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Company Profile

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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.

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