Hut 8 Corp. (NASDAQ:HUT) Receives Average Recommendation of “Buy” from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average rating of “Buy” from the six research firms that are presently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $16.08.

Several analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Hut 8 in a research note on Friday. Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a research note on Wednesday. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and upped their price objective for the company from $7.50 to $13.50 in a research note on Wednesday, August 14th. Finally, Benchmark restated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a research note on Wednesday, August 14th.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’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 owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction 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 owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the firm’s 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 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. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Vanguard Group Inc. raised its position 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 worth $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Hut 8 in the 1st quarter worth about $18,191,000. Van ECK Associates Corp raised its position in shares of Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares in the last quarter. D1 Capital Partners L.P. bought a new position in shares of Hut 8 in the 2nd quarter worth about $17,388,000. Finally, Millennium Management LLC raised 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 worth $9,733,000 after acquiring an additional 205,836 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Up 9.8 %

Shares of NASDAQ HUT opened at $12.57 on Friday. The stock has a 50 day moving average price of $14.53 and a 200 day moving average price of $10.83. Hut 8 has a 52 week low of $6.18 and a 52 week high of $21.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

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.