HC Wainwright upgraded shares of Hut 8 (NASDAQ:HUT – Free Report) from a sell rating to a buy rating in a report published on Wednesday morning, MarketBeat Ratings reports. They currently have $13.50 price objective on the stock, up from their previous price objective of $7.50. HC Wainwright also issued estimates for Hut 8’s Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.24) EPS and FY2024 earnings at ($0.56) EPS.
HUT has been the topic of several other research reports. Canaccord Genuity Group increased their price target on shares of Hut 8 from $14.00 to $22.00 and gave the stock a buy rating in a research report on Thursday, June 27th. Needham & Company LLC boosted their price target on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a report on Monday, June 24th. Craig Hallum raised their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research note on Friday, June 14th. Finally, Benchmark reaffirmed a buy rating and issued a $17.00 price objective on shares of Hut 8 in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has a consensus rating of Buy and an average target price of $16.08.
Check Out Our Latest Stock Analysis on HUT
Hut 8 Price Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.74 million for the quarter, compared to analysts’ expectations of $50.60 million. On average, analysts predict that Hut 8 will post -0.43 EPS for the current fiscal year.
Insider Activity
In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 12.00% of the company’s stock.
Hedge Funds Weigh In On Hut 8
Several large investors have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in shares of Hut 8 during the 2nd quarter worth $42,000. Global Retirement Partners LLC grew its holdings in shares of Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC raised 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 buying an additional 2,490 shares during the period. Victory Capital Management Inc. purchased a new stake in Hut 8 in the 2nd quarter worth about $154,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Hut 8 during the 2nd quarter worth about $200,000. Institutional investors own 31.75% of the company’s stock.
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.
Further Reading
- Five stocks we like better than Hut 8
- ETF Screener: Uses and Step-by-Step Guide
- Bumble’s Valuation Hits an All-Time Low, Can Its Fortunes Change?
- How to Read Stock Charts for Beginners
- MarketBeat Week in Review – 8/12 – 8/16
- What Does a Stock Split Mean?
- JD.com Earnings Surprise: China’s Outlook Better Than Expected
Receive News & Ratings for Hut 8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hut 8 and related companies with MarketBeat.com's FREE daily email newsletter.