Rosenblatt Securities Reaffirms “Buy” Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $65.00 target price on the stock. Rosenblatt Securities’ price objective points to a potential upside of 61.85% from the company’s current price.

Several other analysts have also recently commented on the stock. Northland Securities set a $58.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. JMP Securities raised their price objective on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating 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 report on Monday, September 15th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Finally, Canaccord Genuity Group raised their price target on Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $51.93.

Hut 8 Trading Up 9.0%

Hut 8 stock opened at $40.16 on Thursday. The stock has a 50-day moving average price of $43.82 and a 200 day moving average price of $31.30. Hut 8 has a 52 week low of $10.04 and a 52 week high of $57.29. The stock has a market cap of $4.34 billion, a PE ratio of -102.97 and a beta of 4.41. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. Equities research analysts predict that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hut 8

Large investors have recently modified their holdings of the company. Baird Financial Group Inc. acquired a new position in shares of Hut 8 during the first quarter worth about $360,000. Rhumbline Advisers raised its holdings in shares of Hut 8 by 19.4% during the 2nd quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock valued at $2,722,000 after buying an additional 23,753 shares during the period. Zweig DiMenna Associates LLC acquired a new position in Hut 8 during the 2nd quarter worth approximately $3,688,000. Nuveen LLC purchased a new position in Hut 8 in the 1st quarter worth approximately $2,508,000. Finally, Tobam grew its position in Hut 8 by 48.9% in the second quarter. Tobam now owns 34,945 shares of the company’s stock valued at $650,000 after acquiring an additional 11,482 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.