Hut 8 (NASDAQ:HUT) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note released on Friday morning,Benzinga reports. HC Wainwright currently has a $25.00 price target on the stock.

A number of other analysts have also recently weighed in on HUT. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 price target for the company. Northland Securities assumed coverage on Hut 8 in a report on Monday, April 21st. They issued an “outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. BTIG Research initiated coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Benchmark lowered their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $26.00.

Hut 8 Trading Down 2.0 %

NASDAQ:HUT opened at $13.89 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50 day moving average price is $12.49 and its 200 day moving average price is $18.91. Hut 8 has a 52 week low of $7.67 and a 52 week high of $31.95.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at $203,807.10. This trade represents a 41.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd acquired a new stake in Hut 8 during the fourth quarter valued at approximately $26,000. Optiver Holding B.V. bought a new stake in shares of Hut 8 in the 4th quarter valued at approximately $35,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after buying an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Hut 8 during the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.