Hut 8 (NASDAQ:HUT – Free Report) had its target price cut by Piper Sandler from $143.00 to $123.00 in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have an overweight rating on the stock.
A number of other brokerages have also commented on HUT. Roth Capital reaffirmed a “buy” rating and set a $108.00 target price on shares of Hut 8 in a research report on Wednesday, October 7th. B. Riley Financial lifted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $130.00 price objective on shares of Hut 8 in a research note on Wednesday, October 7th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $148.09.
Check Out Our Latest Report on Hut 8
Hut 8 Trading Down 10.6%
NASDAQ HUT opened at $63.97 on Tuesday. The stock has a market cap of $7.88 billion, a PE ratio of -11.74 and a beta of 4.62. Hut 8 has a 12 month low of $31.67 and a 12 month high of $140.80. The company’s 50-day moving average price is $86.61 and its 200-day moving average price is $95.14. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million for the quarter, compared to the consensus estimate 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 business earned $1.18 EPS. Equities research analysts forecast that Hut 8 will post -2.93 earnings per share for the current year.
Insider Transactions at Hut 8
In other Hut 8 news, Director Mayo A. Shattuck III sold 20,000 shares of the stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the director directly owned 89,408 shares of the company’s stock, valued at approximately $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.40% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of HUT. Sterling Capital Management LLC grew its holdings in Hut 8 by 130.3% in the third quarter. Sterling Capital Management LLC now owns 2,752 shares of the company’s stock worth $237,000 after purchasing an additional 1,557 shares during the last quarter. SBI Securities Co. Ltd. increased its position in shares of Hut 8 by 32.2% during the third quarter. SBI Securities Co. Ltd. now owns 1,629 shares of the company’s stock worth $140,000 after purchasing an additional 397 shares in the last quarter. SteelPeak Wealth LLC purchased a new stake in shares of Hut 8 during the 3rd quarter valued at $722,000. IFP Advisors Inc lifted its holdings in shares of Hut 8 by 14.0% during the 3rd quarter. IFP Advisors Inc now owns 6,387 shares of the company’s stock valued at $550,000 after purchasing an additional 786 shares during the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Hut 8 by 368.9% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 5,974 shares of the company’s stock valued at $515,000 after purchasing an additional 4,700 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.
About Hut 8
Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.
Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.
The company was established in Canada and expanded its operations in the United States through its combination with U.S.
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