Hut 8 Corp. (NASDAQ:HUT) Given Consensus Rating of “Moderate Buy” by Brokerages

Hut 8 Corp. (NASDAQ:HUT) has received a consensus rating of “Moderate Buy” from the six research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $12.58.

HUT has been the subject of a number of recent analyst reports. HC Wainwright dropped their price objective on Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday, May 16th. Needham & Company LLC boosted their price objective on Hut 8 from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price objective on shares of Hut 8 in a report on Thursday, May 16th. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a report on Friday, June 7th. Finally, Craig Hallum lifted their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday.

Insiders Place Their Bets

In related news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the 1st quarter worth $18,191,000. Vident Advisory LLC lifted its stake in shares of Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after purchasing an additional 255,307 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 2,754,037 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Hut 8 during the 1st quarter worth $255,000. Finally, Swiss National Bank raised its stake in Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $12.24 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $8.96 and a 200-day moving average price of $9.35. Hut 8 has a one year low of $6.18 and a one year high of $22.75.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. The business had revenue of $51.74 million for the quarter, compared to analysts’ expectations of $50.60 million. Equities analysts forecast that Hut 8 will post -0.43 EPS for the current year.

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.