BTIG Research Reiterates Buy Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They currently have a $55.00 target price on the stock. BTIG Research’s target price suggests a potential upside of 32.63% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Roth Capital reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Benchmark raised their price objective on shares of Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. JMP Securities lifted their price target on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 21st. Finally, Wall Street Zen raised shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $48.80.

Hut 8 Price Performance

HUT traded up $4.62 on Wednesday, hitting $41.47. 11,847,879 shares of the stock were exchanged, compared to its average volume of 6,160,701. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -106.45 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. Hut 8 has a 12 month low of $10.04 and a 12 month high of $57.29. The business has a 50-day moving average of $43.91 and a two-hundred day moving average of $31.24.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The firm had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. Sell-side analysts forecast that Hut 8 will post -0.53 EPS for the current fiscal year.

Institutional Trading of Hut 8

Several large investors have recently made changes to their positions in HUT. Ameriprise Financial Inc. raised its stake in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after buying an additional 2,269,237 shares during the period. Value Aligned Research Advisors LLC raised its holdings in Hut 8 by 110.2% during the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after buying an additional 1,021,955 shares during the last quarter. Voloridge Investment Management LLC bought a new position in shares of Hut 8 in the third quarter valued at $35,044,000. Nishkama Capital LLC bought a new stake in shares of Hut 8 during the third quarter worth about $28,137,000. Finally, Thames Capital Management LLC acquired a new stake in shares of Hut 8 in the 3rd quarter worth about $25,084,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.