Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Hut 8 (NASDAQ:HUT) had its price target hoisted by equities research analysts at Needham & Company LLC from $21.00 to $32.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 29.14% from the stock’s previous close.

HUT has been the subject of a number of other reports. HC Wainwright restated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Craig Hallum boosted their target price on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Stifel Nicolaus raised their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $19.58.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $24.78 on Thursday. The stock’s 50-day moving average is $13.87 and its 200 day moving average is $12.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a one year low of $6.18 and a one year high of $28.47.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, equities analysts anticipate that Hut 8 will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank purchased a new position in shares of Hut 8 in the 2nd quarter worth about $42,000. Capital Performance Advisors LLP bought a new stake in Hut 8 in the third quarter worth about $40,000. Victory Capital Management Inc. bought a new stake in shares of Hut 8 in the 2nd quarter worth approximately $154,000. Intech Investment Management LLC purchased a new position in Hut 8 in the third quarter valued at approximately $133,000. Finally, Dimensional Fund Advisors LP purchased a new position in Hut 8 in the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.