Equities Analysts Issue Forecasts for Hut 8 Corp.’s Q3 2024 Earnings (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) – Investment analysts at HC Wainwright dropped their Q3 2024 earnings per share estimates for shares of Hut 8 in a research report issued to clients and investors on Wednesday, August 14th. HC Wainwright analyst M. Colonnese now anticipates that the company will post earnings per share of ($0.26) for the quarter, down from their previous forecast of ($0.10). HC Wainwright currently has a “Buy” rating and a $13.50 target price on the stock. The consensus estimate for Hut 8’s current full-year earnings is ($0.43) per share. HC Wainwright also issued estimates for Hut 8’s Q4 2024 earnings at ($0.24) EPS and FY2024 earnings at ($0.56) EPS.

Hut 8 (NASDAQ:HUT) last posted its quarterly 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 firm had revenue of $51.74 million during the quarter, compared to analyst estimates of $50.60 million.

HUT has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Hut 8 in a research report on Wednesday. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a report on Wednesday. Canaccord Genuity Group lifted their target price on Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Craig Hallum lifted 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $16.08.

Hut 8 Price Performance

NASDAQ:HUT opened at $11.54 on Friday. 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 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The stock’s fifty day simple moving average is $14.40 and its 200-day simple moving average is $10.67.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of HUT. Amalgamated Bank bought a new position in Hut 8 during the second quarter worth about $42,000. Global Retirement Partners LLC grew its holdings in Hut 8 by 280.1% during the first 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 during the period. Victory Capital Management Inc. bought a new stake in shares of Hut 8 during the second quarter worth approximately $154,000. Triton Wealth Management PLLC boosted its holdings in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after acquiring an additional 2,490 shares during the period. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Hut 8 during the second quarter worth approximately $200,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.00% 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.