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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $13.50 price target on the stock. HC Wainwright’s target price suggests a potential upside of 18.11% from the company’s previous close.

HUT has been the topic of a number of other research reports. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, 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 report on Friday, June 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $16.08.

Hut 8 Trading Up 3.7 %

Shares of HUT stock opened at $11.43 on Friday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average price is $12.96 and its 200 day moving average price is $11.03.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. On average, sell-side analysts anticipate that Hut 8 will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction 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 owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other 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 transaction of $89,435.32. Following the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction 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 corporate insiders.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Clearline Capital LP acquired a new stake in shares of Hut 8 during the second quarter worth approximately $280,000. Ninepoint Partners LP acquired a new position in Hut 8 in the second quarter worth $720,000. The Manufacturers Life Insurance Company bought a new stake in Hut 8 during the second quarter valued at $460,000. Millennium Management LLC raised its holdings in shares of Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares during the period. Finally, D1 Capital Partners L.P. acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. 31.75% of the stock is owned by hedge funds and other 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.