Hut 8 (NASDAQ:HUT) Price Target Raised to $15.00

Hut 8 (NASDAQ:HUT) had its price target raised by Needham & Company LLC from $13.00 to $15.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. Canaccord Genuity Group reiterated a buy rating and issued a $14.00 price target on shares of Hut 8 in a research report on Thursday, May 16th. Benchmark lifted their price target on shares of Hut 8 from $12.00 to $17.00 and gave the company a buy rating in a research report on Friday, June 21st. HC Wainwright dropped their price target on shares of Hut 8 from $9.00 to $7.50 and set a sell rating for the company in a research report on Thursday, May 16th. Finally, Craig Hallum lifted their price target 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. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $13.75.

Hut 8 Trading Up 4.8 %

Shares of NASDAQ:HUT opened at $15.32 on Monday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $22.75. The business has a 50 day moving average of $9.70 and a 200-day moving average of $9.55. 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:HUT) last issued 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). Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. The firm had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. On average, equities analysts predict that Hut 8 will post -0.43 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the business’s 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 sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 2,754,037 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Hut 8 in the third quarter worth $3,429,000. Tidal Investments LLC bought a new stake in shares of Hut 8 in the first quarter worth $18,191,000. Van ECK Associates Corp grew its stake in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after purchasing an additional 754,891 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.