Hut 8 Corp. (NASDAQ:HUT) Given Consensus Recommendation of "Buy" by Analysts

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) has been given an average rating of "Buy" by the six ratings firms that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $17.00.

A number of research firms have recently weighed in on HUT. Needham & Company LLC raised their price target on shares of Hut 8 from $15.00 to $16.50 and gave the stock a "buy" rating in a research report on Tuesday, September 24th. HC Wainwright reissued a "buy" rating and set a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Canaccord Genuity Group reissued a "buy" rating and issued a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Craig Hallum increased their price target on shares of Hut 8 from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Finally, Benchmark reiterated a "buy" rating and issued a $17.00 price target on shares of Hut 8 in a research note on Monday, October 7th.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.00% of the company's stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 in the 2nd quarter valued at $17,388,000. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company's stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. Millennium Management LLC increased its position in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company's stock worth $9,733,000 after acquiring an additional 205,836 shares in the last quarter. Swiss National Bank raised its holdings in shares of Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company's stock valued at $1,567,000 after acquiring an additional 54,100 shares during the period. Finally, Ninepoint Partners LP purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $720,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Up 3.2 %

Hut 8 stock traded up $0.62 during trading on Friday, reaching $19.59. 4,703,077 shares of the company's stock were exchanged, compared to its average volume of 4,967,342. The company's 50-day moving average is $12.79 and its two-hundred day moving average is $12.33. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a 52-week low of $6.18 and a 52-week high of $21.10.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, analysts forecast that Hut 8 will post -0.56 EPS for the current fiscal year.

About Hut 8

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.