Equities Analysts Issue Forecasts for Hut 8 FY2024 Earnings

Hut 8 Corp. (NASDAQ:HUT - Free Report) - Stock analysts at HC Wainwright raised their FY2024 earnings per share estimates for shares of Hut 8 in a research note issued to investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now forecasts that the company will post earnings of ($0.26) per share for the year, up from their prior forecast of ($0.55). HC Wainwright has a "Buy" rating and a $35.00 price target on the stock. The consensus estimate for Hut 8's current full-year earnings is ($0.26) per share. HC Wainwright also issued estimates for Hut 8's Q4 2024 earnings at ($0.18) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at $0.11 EPS and FY2025 earnings at $0.33 EPS.

Other analysts have also issued reports about the stock. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday. Benchmark upped their price target on Hut 8 from $17.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday. Needham & Company LLC upped their target price on shares of Hut 8 from $21.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday. Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Stifel Nicolaus raised their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $30.17.

Hut 8 Trading Down 0.9 %

Shares of NASDAQ:HUT traded down $0.22 on Monday, hitting $25.04. The company had a trading volume of 8,312,784 shares, compared to its average volume of 5,116,101. Hut 8 has a 1 year low of $6.18 and a 1 year high of $28.47. The company has a current ratio of 1.00, a quick ratio of 1.68 and a debt-to-equity ratio of 0.35. The firm's 50-day simple moving average is $14.47 and its two-hundred day simple moving average is $13.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. D1 Capital Partners L.P. bought a new position in Hut 8 during the 2nd quarter valued at about $17,388,000. Vanguard Group Inc. lifted its position in Hut 8 by 8,329.2% during 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 period. Millennium Management LLC boosted its holdings in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company's stock worth $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Swiss National Bank grew its position in Hut 8 by 61.6% in the 1st 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 period. Finally, Ninepoint Partners LP purchased a new stake in Hut 8 during the 2nd quarter valued at $720,000. 31.75% of the stock is owned by institutional investors.

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.