Hut 8 (NASDAQ:HUT) Receives “Sell” Rating from HC Wainwright

HC Wainwright restated their sell rating on shares of Hut 8 (NASDAQ:HUT) in a report published on Tuesday, Benzinga reports. The brokerage currently has a $7.50 price objective on the stock.

Several other research firms also recently weighed in on HUT. Canaccord Genuity Group reissued a buy rating and set a $14.00 price objective on shares of Hut 8 in a report on Thursday, May 16th. Benchmark raised their price objective on Hut 8 from $12.00 to $17.00 and gave the company a buy rating in a report on Friday, June 21st. Needham & Company LLC raised their price objective on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a report on Monday. Finally, Craig Hallum raised their price objective on Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $13.75.

Hut 8 Trading Up 16.7 %

Shares of HUT stock opened at $14.62 on Tuesday. The stock’s fifty day moving average price is $9.54 and its two-hundred day moving average price is $9.51. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18.

Hut 8 (NASDAQ:HUT) last issued 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 business had revenue of $51.74 million during the quarter, compared to analyst estimates of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. On average, equities analysts forecast that Hut 8 will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value 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 filing with the SEC, which is accessible through this hyperlink. 12.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Qube Research & Technologies Ltd bought a new stake in Hut 8 in the 3rd quarter valued at about $3,429,000. Wellington Management Group LLP increased its position in Hut 8 by 203.4% in 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 in the last quarter. Savior LLC bought a new stake in Hut 8 in the 4th quarter valued at about $1,543,000. AM Investment Strategies LLC acquired a new position in Hut 8 during the 4th quarter valued at about $597,000. Finally, Foundations Investment Advisors LLC acquired a new position in Hut 8 during the 4th quarter valued at about $605,000. 31.75% of the stock is owned by institutional investors.

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.