Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) have been given a consensus recommendation of “Buy” by the six analysts that are currently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $16.50.
A number of equities research analysts have weighed in on HUT shares. Needham & Company LLC raised their price objective on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research report on Monday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Finally, Craig Hallum increased their price target on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd.
Get Our Latest Research Report on HUT
Hut 8 Price Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. As a group, research analysts expect that Hut 8 will post -0.56 earnings per share for the current year.
Insider Activity at Hut 8
In other news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was 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 in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction 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 approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.
Hedge Funds Weigh In On Hut 8
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Vanguard Group Inc. boosted its position in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Tidal Investments LLC bought a new position in Hut 8 in the 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 during the 2nd quarter worth about $17,388,000. Van ECK Associates Corp boosted its holdings in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after acquiring an additional 558,824 shares in the last quarter. Finally, Westend Capital Management LLC bought a new stake in Hut 8 during the first quarter worth approximately $5,190,000. 31.75% of the stock is owned by institutional investors.
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.
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