Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, HC Wainwright Analyst Says

Hut 8 (NASDAQ:HUT) had its price objective increased by analysts at HC Wainwright from $26.00 to $35.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 44.75% from the company’s current price. HC Wainwright also issued estimates for Hut 8’s Q1 2025 earnings at ($0.21) EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.10 EPS and Q4 2025 earnings at $0.17 EPS.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Benchmark raised their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum upped their target price on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Needham & Company LLC lifted their price target on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $28.50.

Hut 8 Stock Down 2.4 %

NASDAQ:HUT traded down $0.60 on Thursday, reaching $24.18. The stock had a trading volume of 4,782,495 shares, compared to its average volume of 5,083,008. The company has a 50-day moving average of $13.87 and a 200 day moving average of $12.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. Equities research analysts expect that Hut 8 will post -0.55 EPS for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred 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 transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank bought a new position in Hut 8 in the 2nd quarter worth approximately $42,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the third quarter worth $40,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 in the second quarter worth $154,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 during the third quarter valued at $133,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Hut 8 during the second quarter valued at about $200,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.