Hut 8’s (HUT) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note released on Friday morning, Benzinga reports. The brokerage currently has a $13.50 price objective on the stock.

Several other research analysts have also recently issued reports on HUT. Craig Hallum raised their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research note on Friday, June 14th. Canaccord Genuity Group reiterated a buy rating and issued a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC reaffirmed a buy rating and issued a $15.00 price target on shares of Hut 8 in a report on Friday, August 23rd. Finally, Benchmark reiterated a buy rating and set a $17.00 price objective on shares of Hut 8 in a research note on Wednesday, August 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $16.08.

Hut 8 Trading Up 3.6 %

NASDAQ:HUT opened at $11.57 on Friday. The firm has a 50-day simple moving average of $12.68 and a 200-day simple moving average of $11.13. Hut 8 has a one year low of $6.18 and a one year high of $21.10. 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 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, equities research analysts forecast that Hut 8 will post -0.56 earnings per share for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on 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 directly owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings 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 stake in shares of Hut 8 during the first quarter worth about $18,191,000. Van ECK Associates Corp increased its position in shares of 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 in the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Finally, Millennium Management LLC boosted its position 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 period. 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.