Hut 8 (NASDAQ:HUT) Stock Gets Price Target Cut from B. Riley Financial

Hut 8 (NASDAQ:HUT) had its target price lowered by B. Riley Financial from $163.00 to $134.00 in a research note issued to investors on Friday morning,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on HUT. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Piper Sandler cut their target price on shares of Hut 8 from $143.00 to $123.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. Canaccord Genuity Group reissued a “buy” rating and issued a $130.00 price target on shares of Hut 8 in a report on Wednesday, October 7th. Finally, UBS Group reaffirmed a “buy” rating on shares of Hut 8 in a research report on Thursday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $146.77.

Hut 8 Stock Performance

NASDAQ HUT opened at $59.40 on Friday. The business’s 50-day moving average price is $83.97 and its 200 day moving average price is $82.33. The company has a market capitalization of $7.32 billion, a PE ratio of -10.90 and a beta of 4.54. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. The firm had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the business earned $1.18 EPS. On average, research analysts predict that Hut 8 will post -2.93 earnings per share for the current year.

Insider Activity at Hut 8

In related news, Director Mayo Shattuck, III sold 20,000 shares of the company’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the director directly owned 89,408 shares of the company’s stock, valued at $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the business. GK Wealth Management LLC purchased a new stake in shares of Hut 8 in the third quarter worth approximately $25,000. Arlington Trust Co LLC increased its position in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares during the period. Parkside Financial Bank & Trust grew its holdings in Hut 8 by 258.5% in the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after purchasing an additional 274 shares during the period. Harbor Investment Advisory LLC bought a new stake in shares of Hut 8 in the 1st quarter worth $47,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter worth $50,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.