HC Wainwright Upgrades Hut 8 (NASDAQ:HUT) to “Buy”

HC Wainwright upgraded shares of Hut 8 (NASDAQ:HUT) from a sell rating to a buy rating in a report published on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $13.50 target price on the stock, up from their prior target price of $7.50. HC Wainwright also issued estimates for Hut 8’s Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.24) EPS and FY2024 earnings at ($0.56) EPS.

HUT has been the topic of a number of other research reports. Benchmark restated a buy rating and issued a $17.00 price target on shares of Hut 8 in a research note on Wednesday, July 31st. Craig Hallum raised their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research note on Friday, June 14th. Needham & Company LLC upped their price target on shares of Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday, June 24th. Finally, Canaccord Genuity Group raised their price objective on shares of Hut 8 from $14.00 to $22.00 and gave the stock a buy rating in a research report on Thursday, June 27th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of Buy and an average target price of $16.08.

Hut 8 Stock Down 0.9 %

Hut 8 stock opened at $11.54 on Wednesday. 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 company’s 50-day moving average is $14.40 and its 200-day moving average is $10.67. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.74 million during the quarter, compared to analysts’ expectations of $50.60 million. On average, analysts anticipate that Hut 8 will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Tidal Investments LLC acquired a new position in Hut 8 during the first quarter valued at approximately $18,191,000. Van ECK Associates Corp lifted its stake in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the 2nd quarter valued at $17,388,000. Finally, Millennium Management LLC increased its stake in shares of Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during 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.