Needham & Company LLC restated their buy rating on shares of Hut 8 (NASDAQ:HUT – Free Report) in a research report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $15.00 price objective on the stock.
A number of other equities research analysts have also commented on the company. Craig Hallum raised their price target 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 raised their target price on shares of Hut 8 from $14.00 to $22.00 and gave the stock a buy rating in a report on Thursday, June 27th. Benchmark reiterated a buy rating and issued a $17.00 price target on shares of Hut 8 in a report on Wednesday, July 31st. Finally, HC Wainwright upgraded shares of Hut 8 from a sell rating to a buy rating and raised their price objective for the stock from $7.50 to $13.50 in a report on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $16.08.
Check Out Our Latest Stock Analysis on HUT
Hut 8 Price Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to analyst estimates of $50.60 million. Equities research analysts forecast that Hut 8 will post -0.43 earnings per share for the current year.
Insider Activity
In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 12.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the stock. Amalgamated Bank acquired a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $42,000. Global Retirement Partners LLC lifted its stake 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 acquiring an additional 4,000 shares during the last quarter. Triton Wealth Management PLLC grew its position in shares of 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 acquiring an additional 2,490 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Hut 8 during the 2nd quarter worth about $154,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $200,000. Institutional investors and hedge funds 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.
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