Needham & Company LLC Increases Hut 8 (NASDAQ:HUT) Price Target to $32.00

Hut 8 (NASDAQ:HUT - Free Report) had its target price hoisted by Needham & Company LLC from $21.00 to $32.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

HUT has been the subject of several other research reports. HC Wainwright reaffirmed a "buy" rating and issued a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Benchmark restated a "buy" rating and set a $17.00 price target on shares of Hut 8 in a research note on Monday, October 7th. Craig Hallum increased their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. Canaccord Genuity Group reiterated a "buy" rating and issued a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus increased their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 has an average rating of "Buy" and a consensus price target of $28.50.

Hut 8 Stock Down 6.6 %

NASDAQ:HUT traded down $1.64 during mid-day trading on Thursday, hitting $23.14. 7,223,404 shares of the stock traded hands, compared to its average volume of 5,094,053. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a 52 week low of $6.18 and a 52 week high of $28.47. The firm's 50 day moving average is $13.87 and its two-hundred day moving average is $12.74.

Hut 8 (NASDAQ:HUT - Get Free Report) last released 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 company had revenue of $35.22 million during the quarter, compared to analysts' expectations of $38.00 million. As a group, equities research analysts predict that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,618 shares of the company's stock in a transaction 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 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 SEC, which is accessible through this link. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Hut 8 by 8,329.2% during the 1st 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 last quarter. Tidal Investments LLC purchased a new position in shares of Hut 8 in the 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the 2nd quarter valued at about $17,388,000. Charles Schwab Investment Management Inc. grew its stake in Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock valued at $10,215,000 after acquiring an additional 197,074 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the 3rd quarter valued at about $9,997,000. 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.