Hut 8 (NASDAQ:HUT – Get Free Report) had its price target lowered by stock analysts at Morgan Stanley from $275.00 to $184.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s price target would indicate a potential upside of 228.89% from the stock’s current price.
A number of other analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Hut 8 from a “strong sell” rating to a “sell” rating in a research note on Saturday. Cantor Fitzgerald lowered their target price on shares of Hut 8 from $151.00 to $127.00 and set an “overweight” rating on the stock in a research note on Thursday. B. Riley Financial reaffirmed a “buy” rating and issued a $132.00 target price (down from $134.00) on shares of Hut 8 in a report on Friday. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Piper Sandler decreased their price target on Hut 8 from $143.00 to $123.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Hut 8 has an average rating of “Buy” and a consensus target price of $137.45.
View Our Latest Stock Report on Hut 8
Hut 8 Stock Performance
Hut 8 stock traded up $3.30 during midday trading on Monday, hitting $55.95. The stock had a trading volume of 1,986,105 shares, compared to its average volume of 5,066,138. The firm’s fifty day moving average is $80.94 and its two-hundred day moving average is $82.18. The company has a market capitalization of $6.72 billion, a PE ratio of -11.44 and a beta of 4.53. Hut 8 has a 52-week low of $31.67 and a 52-week high of $140.80. The company has a current ratio of 9.48, a quick ratio of 9.48 and a debt-to-equity ratio of 3.84.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $1.70. Hut 8 had a negative net margin of 169.76% and a negative return on equity of 9.68%. The company had revenue of $71.07 million for the quarter, compared to analysts’ expectations of $75.78 million. On average, research analysts forecast that Hut 8 will post -1.33 EPS for the current year.
Insider Activity at Hut 8
In other news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares in the company, valued at $8,940,800. This trade represents a 18.28% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 10.40% of the company’s stock.
Institutional Trading of Hut 8
Hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board bought a new position in shares of Hut 8 during the 2nd quarter valued at about $45,301,000. Signal Advisors Wealth LLC bought a new stake in shares of Hut 8 in the third quarter worth about $2,378,000. Dimensional Fund Advisors LP lifted its position in shares of Hut 8 by 11.1% in 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. Dayah Capital LLC lifted 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 worth $10,223,000 after buying an additional 24,456 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Hut 8 in the first quarter worth about $4,358,000. 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.
Hut 8 Corp was formed in 2023 through the merger of Canadian Bitcoin miner Hut 8 Mining Corp.
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