Hut 8 Corp. (NASDAQ:HUT) Receives $144.89 Consensus Price Target from Analysts

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average rating of “Buy” from the twenty-one research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $144.8947.

A number of brokerages have issued reports on HUT. Compass Point set a $195.00 target price on shares of Hut 8 in a report on Wednesday, July 22nd. Morgan Stanley began coverage on Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. BTIG Research lifted their price target on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th.

Hut 8 Price Performance

HUT opened at $89.82 on Monday. The firm has a 50-day moving average price of $93.40 and a 200-day moving average price of $88.46. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The company has a market capitalization of $11.07 billion, a price-to-earnings ratio of -16.48 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last announced its quarterly 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). The business had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the previous year, the company posted $1.18 earnings per share. Equities analysts expect that Hut 8 will post -2.85 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction 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 represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently bought and sold shares of HUT. BlackRock Inc. bought a new stake in Hut 8 during the second quarter valued at $1,093,294,000. Northwestern Mutual Wealth Management Co. increased its stake in Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. Sachem Head Capital Management LP bought a new position in Hut 8 in the 4th quarter worth about $129,780,000. Oasis Management Co Ltd. raised its holdings in shares of Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after acquiring an additional 1,611,653 shares in the last quarter. Finally, Avala Global LP purchased a new stake in shares of Hut 8 in the 2nd quarter valued at about $144,602,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.