Hut 8 Corp. (NASDAQ:HUT) Receives $16.08 Consensus Target Price from Analysts

Hut 8 Corp. (NASDAQ:HUT) has received an average rating of “Buy” from the six ratings firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $16.08.

HUT has been the topic of several research analyst reports. Craig Hallum boosted their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a report on Wednesday, August 14th. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and raised their target price for the company from $7.50 to $13.50 in a report on Wednesday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the 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 completion of the transaction, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Foundations Investment Advisors LLC lifted its stake in shares of Hut 8 by 2.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after purchasing an additional 949 shares during the period. Triton Wealth Management PLLC grew its position in Hut 8 by 24.9% during the first 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. Amalgamated Bank purchased a new stake in shares of Hut 8 during the 2nd quarter worth about $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in Hut 8 by 280.1% in the 1st 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. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Up 0.3 %

HUT stock opened at $10.38 on Friday. Hut 8 has a 1 year low of $6.18 and a 1 year high of $21.10. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The business has a 50 day simple moving average of $14.43 and a 200-day simple moving average of $10.91.

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.