Hut 8 Corp. (NASDAQ:HUT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $15.08.

Several analysts have recently weighed in on the company. Craig Hallum lifted their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Canaccord Genuity Group boosted their price objective on shares of Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Wednesday, July 31st. Needham & Company LLC lifted their price target on shares of Hut 8 from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, HC Wainwright restated a “sell” rating and set a $7.50 price objective on shares of Hut 8 in a report on Tuesday, June 25th.

Hut 8 Stock Up 6.2 %

Hut 8 stock opened at $12.31 on Wednesday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company’s 50-day moving average is $14.07 and its 200 day moving average is $10.46. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The firm had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. Equities research analysts anticipate 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 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Institutional investors have recently modified their holdings of the company. Savior LLC acquired a new stake in Hut 8 in the fourth quarter valued at approximately $1,543,000. AM Investment Strategies LLC acquired a new stake in shares of Hut 8 in the 4th quarter worth $597,000. Foundations Investment Advisors LLC purchased a new position in Hut 8 during the 4th quarter worth $605,000. Nomura Holdings Inc. acquired a new position in Hut 8 during the 4th quarter valued at about $1,774,000. Finally, Westend Capital Management LLC purchased a new stake in Hut 8 in the first quarter valued at about $5,190,000. 31.75% of the stock is currently owned by institutional investors.

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.