Hut 8 Corp. (NASDAQ:HUT) Given Average Recommendation of “Buy” by Brokerages

Hut 8 Corp. (NASDAQ:HUT) has received a consensus recommendation of “Buy” from the six research firms that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $16.50.

Several research firms have commented on HUT. Needham & Company LLC lifted their target price on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. HC Wainwright reissued a “buy” rating and set a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Craig Hallum lifted their target price on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Benchmark reissued a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research report on Monday, October 7th.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 11,861 shares in the company, valued at $139,248.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred 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 of the company’s stock, valued at $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HUT. Westend Capital Management LLC boosted its holdings in Hut 8 by 4.0% in the 3rd quarter. Westend Capital Management LLC now owns 496,940 shares of the company’s stock valued at $6,092,000 after purchasing an additional 18,979 shares during the period. SG Americas Securities LLC bought a new stake in shares of Hut 8 during the 3rd quarter worth $334,000. Clearline Capital LP bought a new stake in shares of Hut 8 during the 2nd quarter worth $280,000. Ninepoint Partners LP bought a new stake in shares of Hut 8 during the 2nd quarter worth $720,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Hut 8 during the 2nd quarter worth $460,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Trading Up 14.2 %

Shares of NASDAQ HUT opened at $14.47 on Monday. Hut 8 has a fifty-two week low of $6.18 and a fifty-two 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 firm’s 50-day simple moving average is $11.39 and its 200 day simple moving average is $11.57.

Hut 8 (NASDAQ:HUT) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $38.00 million. As a group, research analysts forecast that Hut 8 will post -0.56 EPS for the current fiscal year.

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.