Hut 8 (NASDAQ:HUT) Stock Gets Price Target Cut from Jefferies Financial Group

Hut 8 (NASDAQ:HUT) had its target price lowered by Jefferies Financial Group from $90.00 to $81.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently commented on HUT. Rosenblatt Securities lowered their price objective on shares of Hut 8 from $124.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, November 5th. Piper Sandler dropped their price objective on Hut 8 from $143.00 to $123.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Morgan Stanley reduced their target price on Hut 8 from $275.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday. Cantor Fitzgerald decreased their target price on Hut 8 from $151.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday, November 5th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $130.00 price target on shares of Hut 8 in a research note on Wednesday, October 7th. Four analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $134.05.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $61.97 on Tuesday. The company has a quick ratio of 9.48, a current ratio of 9.48 and a debt-to-equity ratio of 3.84. Hut 8 has a 52 week low of $31.67 and a 52 week high of $140.80. The firm’s fifty day moving average is $79.35 and its 200 day moving average is $82.22.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $1.70. The company had revenue of $71.07 million during the quarter, compared to analyst estimates of $75.78 million. Hut 8 had a negative net margin of 169.76% and a negative return on equity of 9.68%. As a group, analysts predict that Hut 8 will post -0.64 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on 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. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the company’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. The trade was a 18.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GK Wealth Management LLC purchased a new stake in Hut 8 in the third quarter worth about $25,000. Arlington Trust Co LLC raised its stake in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the last quarter. Heritage Family Offices LLP bought a new position in Hut 8 in the third quarter valued at about $35,000. Advisors Asset Management Inc. bought a new position in shares of Hut 8 in the 3rd quarter worth approximately $37,000. Finally, Parkside Financial Bank & Trust grew its position in shares of Hut 8 by 258.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after acquiring an additional 274 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads. The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.