Needham & Company LLC Boosts Hut 8 (NASDAQ:HUT) Price Target to $16.50

Hut 8 (NASDAQ:HUT - Get Free Report) had its price objective raised by analysts at Needham & Company LLC from $15.00 to $16.50 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 33.50% from the company's current price.

A number of other research firms also recently weighed in on HUT. HC Wainwright restated a "buy" rating and set a $13.50 target price on shares of Hut 8 in a research report on Friday. Benchmark reissued a "buy" rating and set a $17.00 price objective on shares of Hut 8 in a report on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Craig Hallum lifted their price target on shares of Hut 8 from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, June 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $16.33.

Hut 8 Trading Up 6.8 %

NASDAQ:HUT traded up $0.79 during mid-day trading on Tuesday, reaching $12.36. 3,506,001 shares of the company were exchanged, compared to its average volume of 4,946,068. Hut 8 has a 12 month low of $6.18 and a 12 month high of $21.10. 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 company has a fifty day moving average of $12.68 and a 200 day moving average of $11.13.

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

Insider Transactions at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Shenif Visram sold 20,239 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the stock in a transaction on Friday, August 16th. The stock was 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 of the company's stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company's stock.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new stake in Hut 8 in the 4th quarter valued at approximately $1,774,000. Vanguard Group Inc. raised 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 valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company's stock worth $13,920,000 after purchasing an additional 558,824 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 in the second quarter worth $17,388,000. Finally, Swiss National Bank boosted its holdings in Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company's stock worth $1,567,000 after purchasing an additional 54,100 shares during the last quarter. Institutional investors and hedge funds 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.