Hut 8 (NASDAQ:HUT) Rating Reiterated by HC Wainwright

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They currently have a $13.50 target price on the stock. HC Wainwright’s target price points to a potential upside of 20.86% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. 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 target on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Hut 8 in a research note on Friday, August 23rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $16.08.

Hut 8 Stock Performance

NASDAQ:HUT opened at $11.17 on Friday. Hut 8 has a 52-week low of $6.18 and a 52-week 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 stock has a fifty day simple moving average of $12.85 and a 200-day simple moving average of $11.08.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. Equities research analysts predict that Hut 8 will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’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 of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Shenif Visram sold 20,239 shares of the company’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 of the company’s stock, valued at $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction 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 completion of the transaction, the director now owns 11,861 shares in the company, 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 Investors Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 2,754,037 shares during the period. Tidal Investments LLC acquired a new stake in Hut 8 during the 1st quarter worth approximately $18,191,000. Van ECK Associates Corp raised its holdings in Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the period. D1 Capital Partners L.P. acquired a new position in Hut 8 during the second quarter valued at approximately $17,388,000. Finally, Millennium Management LLC grew its stake in Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares during the period. Hedge funds and other institutional investors 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.