Hut 8 (NASDAQ:HUT – Free Report) had its price target boosted by Benchmark from $12.00 to $17.00 in a report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.
A number of other analysts have also weighed in on HUT. Needham & Company LLC upped their target price on shares of Hut 8 from $12.00 to $13.00 and gave the stock a buy rating in a report on Thursday, May 16th. HC Wainwright decreased their target price on shares of Hut 8 from $9.00 to $7.50 and set a sell rating on the stock in a report on Thursday, May 16th. Craig Hallum increased their price target on shares of Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a report on Friday, June 14th. Finally, Canaccord Genuity Group reissued a buy rating and issued a $14.00 price target on shares of Hut 8 in a report on Thursday, May 16th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat, Hut 8 presently has a consensus rating of Moderate Buy and a consensus target price of $13.42.
Check Out Our Latest Stock Report on HUT
Hut 8 Trading Down 5.1 %
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its 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 firm had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. Equities research analysts predict that Hut 8 will post -0.43 earnings per share for the current year.
Insider Activity
In other news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.00% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Hut 8
A number of institutional investors have recently made changes to their positions in the business. Nomura Holdings Inc. purchased a new stake in Hut 8 during the 4th quarter valued at $1,774,000. Wellington Management Group LLP boosted its position in Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the period. Savior LLC purchased a new stake in Hut 8 during the 4th quarter valued at $1,543,000. Qube Research & Technologies Ltd purchased a new stake in Hut 8 during the 3rd quarter valued at $3,429,000. Finally, AM Investment Strategies LLC purchased a new stake in Hut 8 during the 4th quarter valued at $597,000. Hedge funds and other 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.
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