Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) have been given an average rating of “Moderate Buy” by the eighteen brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating and seventeen have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $107.7222.
HUT has been the subject of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 14th. They issued a “buy” rating and a $156.00 target price for the company. B. Riley Financial lifted their target price on shares of Hut 8 from $76.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research note on Thursday, February 26th. Cantor Fitzgerald lifted their target price on shares of Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Compass Point set a $130.00 price objective on shares of Hut 8 in a research note on Wednesday, May 13th.
Read Our Latest Report on Hut 8
Hut 8 Stock Up 2.2%
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Sell-side analysts forecast that Hut 8 will post -1.29 earnings per share for the current year.
Insider Buying and Selling at Hut 8
In other Hut 8 news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the sale, the director directly owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the sale, the director owned 17,491 shares of the company’s stock, valued at approximately $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 64,505 shares of company stock worth $6,479,788. Company insiders own 10.40% of the company’s stock.
Institutional Trading of Hut 8
Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock valued at $366,526,000 after acquiring an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. lifted its stake in Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after acquiring an additional 504,652 shares during the period. SRS Investment Management LLC acquired a new stake in Hut 8 during the 4th quarter valued at approximately $131,838,000. Finally, Sachem Head Capital Management LP purchased a new position in shares of Hut 8 during the 4th quarter valued at approximately $129,780,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.
Hut 8 Company Profile
Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.
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