Analysts Set Hut 8 Corp. (NASDAQ:HUT) PT at $16.08

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average recommendation of “Buy” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $16.33.

Several research firms have issued reports on HUT. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Benchmark restated a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. Needham & Company LLC lifted their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday. Craig Hallum increased their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th.

Hut 8 Stock Up 0.2 %

HUT stock opened at $12.53 on Thursday. 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 12 month low of $6.18 and a 12 month high of $21.10. The firm has a 50 day simple moving average of $12.37 and a 200 day simple moving average of $11.17.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, research analysts anticipate that Hut 8 will post -0.56 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hut 8 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 transaction, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value 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. 12.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Clearline Capital LP bought a new stake in shares of Hut 8 during the 2nd quarter worth about $280,000. Ninepoint Partners LP bought a new stake in shares of Hut 8 during the 2nd quarter worth about $720,000. The Manufacturers Life Insurance Company bought a new stake in shares of Hut 8 during the 2nd quarter worth about $460,000. Millennium Management LLC boosted its stake in shares of Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after acquiring an additional 205,836 shares in the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in shares of Hut 8 during the 2nd quarter worth about $17,388,000. 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.