Benchmark Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT - Free Report) had its price objective upped by Benchmark from $17.00 to $32.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently issued reports on HUT. HC Wainwright restated a "buy" rating and issued a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Needham & Company LLC boosted their price target on Hut 8 from $21.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday. Craig Hallum upped their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reissued a "buy" rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Stifel Nicolaus upped their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has a consensus rating of "Buy" and an average target price of $30.17.

Hut 8 Stock Down 6.6 %

HUT stock traded down $1.64 on Thursday, reaching $23.14. 7,459,602 shares of the company traded hands, compared to its average volume of 5,094,227. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $13.87 and a 200-day simple moving average of $12.74. Hut 8 has a one year low of $6.18 and a one year high of $28.47.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analysts' expectations of $38.00 million. Sell-side analysts anticipate that Hut 8 will post -0.55 EPS for the current year.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,618 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 39.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank purchased a new position in Hut 8 during the 2nd quarter valued at $42,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the third quarter worth about $40,000. Victory Capital Management Inc. purchased a new position in Hut 8 in the 2nd quarter worth about $154,000. Intech Investment Management LLC purchased a new position in Hut 8 in the 3rd quarter worth about $133,000. Finally, Dimensional Fund Advisors LP bought a new stake in Hut 8 during the 2nd quarter valued at about $200,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Company Profile

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.