HC Wainwright Reaffirms “Sell” Rating for Hut 8 (NASDAQ:HUT)

HC Wainwright reaffirmed their sell rating on shares of Hut 8 (NASDAQ:HUT) in a report released on Tuesday, Benzinga reports. HC Wainwright currently has a $7.50 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. Benchmark raised their target price on Hut 8 from $12.00 to $17.00 and gave the stock a buy rating in a research note on Friday, June 21st. Canaccord Genuity Group reissued a buy rating and set a $14.00 target price on shares of Hut 8 in a research note on Thursday, May 16th. Craig Hallum raised their target price on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research note on Friday, June 14th. Finally, Needham & Company LLC lifted their price objective on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $15.08.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $15.20 on Tuesday. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average price is $9.84 and its 200 day moving average price is $9.59.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (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 analyst estimates of $50.60 million. Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. As a group, research analysts forecast that Hut 8 will post -0.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the transaction, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Triton Wealth Management PLLC grew 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 worth $138,000 after purchasing an additional 2,490 shares in the last quarter. Global Retirement Partners LLC grew its stake in Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Hut 8 during the 1st quarter worth about $255,000. AM Investment Strategies LLC purchased a new stake in Hut 8 during the 4th quarter worth about $597,000. Finally, Foundations Investment Advisors LLC purchased a new stake in Hut 8 during the 4th quarter worth about $605,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.