Hut 8 Corp. (NASDAQ:HUT) Receives $16.08 Consensus PT from Brokerages

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average recommendation of “Buy” from the six brokerages that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $16.08.

Several research firms recently issued reports on HUT. Benchmark reissued a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum boosted their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Hut 8 in a research report 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 report on Wednesday, August 21st. Finally, HC Wainwright restated a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research note on Friday.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $11.17 on Thursday. Hut 8 has a one year low of $6.18 and a one year high of $21.10. The business’s fifty day moving average price is $12.85 and its two-hundred day moving average price is $11.08. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insider Transactions at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HUT. Clearline Capital LP bought a new position in Hut 8 during the 2nd quarter worth approximately $280,000. Ninepoint Partners LP bought a new position in Hut 8 during the second quarter worth $720,000. The Manufacturers Life Insurance Company acquired a new position in Hut 8 in the second quarter worth $460,000. Millennium Management LLC boosted its holdings in Hut 8 by 46.4% in 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. bought a new stake in Hut 8 during the second quarter valued at $17,388,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.