Hut 8 (NASDAQ:HUT) Stock Rating Upgraded by Roth Capital

Roth Capital upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the company. JMP Securities began coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a “market outperform” rating and a $25.00 price objective on the stock. Benchmark lowered their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research report on Monday, April 21st. BTIG Research began coverage on Hut 8 in a research report on Monday, April 14th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Fifteen research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $25.76.

Hut 8 Trading Up 13.8%

Shares of HUT stock opened at $18.57 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 52-week low of $8.73 and a 52-week high of $31.95. The business’s fifty day moving average is $13.94 and its 200 day moving average is $18.47.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Equities research analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

Several large investors have recently modified their holdings of HUT. Jericho Capital Asset Management L.P. bought a new stake in shares of Hut 8 in the fourth quarter worth about $37,400,000. D. E. Shaw & Co. Inc. bought a new stake in shares of Hut 8 in the fourth quarter worth about $27,115,000. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 in the fourth quarter worth about $24,170,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Hut 8 in the fourth quarter worth about $23,009,000. Finally, Invesco Ltd. grew its stake in shares of Hut 8 by 1,408.8% in the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after purchasing an additional 874,572 shares during the last quarter. 31.75% of the stock is 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.