Hut 8 (NASDAQ:HUT – Get Free Report) had its price objective decreased by equities researchers at B. Riley Financial from $163.00 to $134.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s target price would indicate a potential upside of 120.07% from the stock’s previous close.
Several other equities analysts have also recently weighed in on HUT. UBS Group restated a “buy” rating on shares of Hut 8 in a report on Thursday, October 8th. Wells Fargo & Company initiated coverage on Hut 8 in a research note on Thursday, September 17th. They set an “overweight” rating and a $175.00 price objective on the stock. Needham & Company LLC cut their price objective on Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research report on Wednesday, August 5th. Finally, Roth Capital assumed coverage on shares of Hut 8 in a report on Wednesday, October 7th. They issued a “buy” rating and a $108.00 target price on the stock. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus price target of $146.77.
Read Our Latest Stock Report on HUT
Hut 8 Trading Down 8.4%
NASDAQ:HUT opened at $60.89 on Friday. 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 has a 1-year low of $31.67 and a 1-year high of $140.80. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of -11.30 and a beta of 4.62. The business’s 50-day moving average price is $84.56 and its two-hundred day moving average price is $82.34.
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. During the same quarter in the prior year, the firm posted $1.18 earnings per share. On average, equities analysts expect that Hut 8 will post -2.93 earnings per share for the current year.
Insider Buying and Selling
In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. 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 Hut 8 stock in a transaction on 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. The trade was a 18.28% decrease in their position. The SEC filing for this sale provides additional information. 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 HUT. Arlington Trust Co LLC grew its position in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares in the last quarter. GK Wealth Management LLC bought a new stake in Hut 8 during the third quarter worth about $25,000. Parkside Financial Bank & Trust lifted its stake in Hut 8 by 258.5% during the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after purchasing an additional 274 shares during the last quarter. CoreCap Advisors LLC boosted its holdings in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after purchasing an additional 160 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Hut 8 in the 3rd quarter worth about $50,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.
Hut 8 Company Profile
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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