Hut 8 Corp. (NASDAQ:HUT) Given Average Rating of "Buy" by Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given a consensus recommendation of "Buy" by the six analysts that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $16.08.

A number of research firms recently issued reports on HUT. Benchmark restated a "buy" rating and set a $17.00 price objective on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum boosted their price objective on Hut 8 from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, June 14th. Canaccord Genuity Group restated a "buy" rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Needham & Company LLC restated a "buy" rating and set a $15.00 price objective on shares of Hut 8 in a research report on Friday, August 23rd. Finally, HC Wainwright upgraded Hut 8 from a "sell" rating to a "buy" rating and boosted their price objective for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th.

Hut 8 Stock Performance

Shares of HUT traded up $0.41 during mid-day trading on Thursday, hitting $11.43. The stock had a trading volume of 4,150,715 shares, compared to its average volume of 4,952,693. The company's fifty day simple moving average is $13.03 and its two-hundred day simple moving average is $11.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $21.10.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping 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, sell-side analysts predict that Hut 8 will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business's stock in a transaction on Friday, August 2nd. The stock was 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 approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the business's stock in a transaction 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 sale, the chief financial officer now owns 43,959 shares of the company's stock, valued at approximately $588,171.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 7,618 shares of the business's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of HUT. Vanguard Group Inc. raised its position in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company's stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the period. Tidal Investments LLC acquired a new stake in shares of Hut 8 during the first quarter worth $18,191,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 during the second quarter worth $17,388,000. Van ECK Associates Corp raised its position in shares of Hut 8 by 79.6% during 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 during the period. Finally, Westend Capital Management LLC acquired a new stake in shares of Hut 8 during the first quarter worth $5,190,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.