Hut 8 (NASDAQ:HUT - Free Report) had its target price increased by Stifel Nicolaus from $15.00 to $18.00 in a research note released on Wednesday, BayStreet.CA reports. They currently have a speculative buy rating on the stock.
A number of other research firms also recently issued reports on HUT. Canaccord Genuity Group restated a "buy" rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC increased their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the stock a "buy" rating in a research note on Tuesday, September 24th. Craig Hallum boosted their target price on shares of Hut 8 from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Benchmark restated a "buy" rating and set a $17.00 price objective on shares of Hut 8 in a research note on Monday, October 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $17.00.
Read Our Latest Analysis on HUT
Hut 8 Stock Up 5.7 %
Hut 8 stock traded up $0.98 during trading on Wednesday, reaching $18.16. 6,603,314 shares of the company were exchanged, compared to its average volume of 4,917,378. The stock's 50 day simple moving average is $12.00 and its two-hundred day simple moving average is $11.92. 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 $21.10.
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, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analysts' expectations of $38.00 million. As a group, research analysts anticipate that Hut 8 will post -0.56 earnings per share for the current fiscal year.
Insider Transactions at Hut 8
In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on 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 $139,248.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Shenif Visram sold 20,239 shares of the business's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of the business's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company's stock, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.00% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Hut 8 by 8,329.2% in 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 in the last quarter. Tidal Investments LLC purchased a new position in shares of Hut 8 in the 1st quarter valued at $18,191,000. D1 Capital Partners L.P. bought a new position in Hut 8 in the second quarter worth about $17,388,000. Van ECK Associates Corp lifted its holdings in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company's stock valued at $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Hut 8 during the 2nd quarter worth approximately $4,390,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
Hut 8 Company Profile
(
Get Free Report)
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.
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