Hut 8 (NASDAQ:HUT) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research report report published on Thursday,Zacks reports.

Other research analysts also recently issued reports about the company. Piper Sandler boosted their price target on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Needham & Company LLC cut their target price on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Loop Capital set a $226.00 target price on shares of Hut 8 in a research note on Monday, June 22nd. Keefe, Bruyette & Woods lowered their price target on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Benchmark raised their price target on shares of Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $146.40.

Hut 8 Stock Performance

NASDAQ HUT opened at $90.99 on Thursday. The stock has a 50-day simple moving average of $93.10 and a two-hundred day simple moving average of $88.73. The firm has a market capitalization of $11.22 billion, a P/E ratio of -16.70 and a beta of 4.51. Hut 8 has a fifty-two week low of $31.67 and a fifty-two week high of $140.80. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT) last issued 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 company had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter in the previous year, the company earned $1.18 EPS. On average, equities analysts forecast that Hut 8 will post -2.85 earnings per share for the current year.

Insider Activity at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board purchased a new position in Hut 8 in the 2nd quarter valued at $45,301,000. Dimensional Fund Advisors LP grew its holdings in shares of Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after buying an additional 20,813 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Hut 8 during the fourth quarter worth $1,153,000. Dayah Capital LLC raised its position in shares of Hut 8 by 12.6% in the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after buying an additional 24,456 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Hut 8 in the first quarter valued at about $4,358,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.