Hut 8 (NASDAQ:HUT – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities research analysts at Benchmark in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $17.00 price target on the stock. Benchmark’s price objective would indicate a potential upside of 47.57% from the company’s current price.
Several other equities research analysts also recently commented on HUT. Canaccord Genuity Group upped their target price on shares of Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Craig Hallum upped their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. HC Wainwright upgraded shares of Hut 8 from a “sell” rating to a “buy” rating and upped their price target for the company from $7.50 to $13.50 in a report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Hut 8 in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $16.08.
Read Our Latest Analysis on Hut 8
Hut 8 Price Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last issued its earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The business had revenue of $51.74 million for the quarter, compared to analysts’ expectations of $50.60 million. On average, equities analysts anticipate that Hut 8 will post -0.43 EPS for the current fiscal year.
Insider Buying and Selling at Hut 8
In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction 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 sale, 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 SEC, which is accessible through this hyperlink. Corporate insiders own 12.00% of the company’s stock.
Institutional Investors Weigh In On Hut 8
Institutional investors have recently made changes to their positions in the company. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 during the second quarter worth $17,388,000. Amalgamated Bank acquired a new stake in shares of Hut 8 during the second quarter worth $42,000. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Hut 8 during the second quarter worth $608,000. Dimensional Fund Advisors LP acquired a new stake in shares of Hut 8 during the second quarter worth $200,000. Finally, Headlands Technologies LLC lifted its holdings in shares of Hut 8 by 121.6% during the second quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock worth $768,000 after buying an additional 28,109 shares in the last quarter. Institutional investors 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.
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