Hut 8 Corp. (NASDAQ:HUT) Given Consensus Rating of “Buy” by Analysts

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the six ratings firms that are currently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $16.08.

Several research analysts recently weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum boosted their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. HC Wainwright reiterated a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Hut 8 in a research note on Friday, August 23rd.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 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 transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Joseph Flinn sold 7,618 shares of the firm’s 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 sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nomura Holdings Inc. acquired a new position in Hut 8 during the 4th quarter worth $1,774,000. Westend Capital Management LLC bought a new position in Hut 8 in the 1st quarter valued at about $5,190,000. Triton Wealth Management PLLC increased its stake in Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the period. Van ECK Associates Corp lifted its stake in shares of Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after acquiring an additional 54,100 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Up 3.6 %

NASDAQ:HUT opened at $11.57 on Thursday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $21.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The company’s 50-day moving average is $12.68 and its two-hundred day moving average is $11.13.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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. Research analysts expect 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.