Hut 8 (NASDAQ:HUT) Price Target Raised to $16.50 at Needham & Company LLC

Hut 8 (NASDAQ:HUT) had its price objective raised by Needham & Company LLC from $15.00 to $16.50 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on HUT. Benchmark reissued a buy rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a buy rating and set a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. HC Wainwright reaffirmed a buy rating and set a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Finally, Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a report on Friday, June 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of Buy and an average price target of $16.33.

Hut 8 Price Performance

Shares of HUT opened at $13.08 on Tuesday. 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 one year low of $6.18 and a one year high of $21.10. The business’s 50 day simple moving average is $12.26 and its 200-day simple moving average is $11.18.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, equities analysts anticipate that Hut 8 will post -0.56 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in the company. Foundations Investment Advisors LLC increased its position in shares of Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after buying an additional 949 shares in the last quarter. Triton Wealth Management PLLC increased its position in shares of Hut 8 by 24.9% in 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 in the last quarter. Amalgamated Bank bought a new stake in shares of Hut 8 in the 2nd quarter valued at $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares in the last quarter. Finally, Westend Capital Management LLC increased its position in shares of Hut 8 by 1.7% in the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after buying an additional 7,827 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.