Hut 8 (NASDAQ:HUT) Price Target Raised to $18.00

Hut 8 (NASDAQ:HUT) had its target price lifted by Stifel Nicolaus from $15.00 to $18.00 in a research report report published on Wednesday, BayStreet.CA reports. The firm currently has a speculative buy rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. Craig Hallum upped their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th. HC Wainwright reissued a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Needham & Company LLC upped their price target on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $17.00.

Hut 8 Stock Performance

Shares of HUT opened at $16.02 on Wednesday. The firm has a 50-day moving average price of $12.27 and a 200 day moving average price of $12.09. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a 52-week low of $6.18 and a 52-week high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, sell-side analysts predict that Hut 8 will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction dated 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 directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently made changes to their positions in HUT. Capital Performance Advisors LLP acquired a new position in Hut 8 in the third quarter worth approximately $40,000. Amalgamated Bank acquired a new position in Hut 8 in the second quarter worth approximately $42,000. Victory Capital Management Inc. acquired a new position in Hut 8 in the second quarter worth approximately $154,000. Dimensional Fund Advisors LP acquired a new position in Hut 8 in the second quarter worth approximately $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after buying an additional 3,105 shares during the last quarter. 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.