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

Hut 8 Corp. (NASDAQ:HUT) has been given an average recommendation of “Buy” by the six research firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $17.00.

A number of research analysts recently commented on the company. Benchmark reissued a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, Craig Hallum increased their target price on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd.

Insider Activity

In other news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Several large investors have recently modified their holdings of the business. Entropy Technologies LP bought a new stake in shares of Hut 8 in the third quarter worth about $170,000. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the third quarter worth about $40,000. AM Investment Strategies LLC grew its stake in shares of Hut 8 by 3.6% in the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after purchasing an additional 1,521 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Hut 8 in the third quarter worth about $568,000. Finally, Foundations Investment Advisors LLC grew its stake in shares of Hut 8 by 2.1% in the third quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after purchasing an additional 1,027 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Trading Up 2.0 %

Shares of HUT stock opened at $18.97 on Friday. 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 has a 52-week low of $6.18 and a 52-week high of $21.10. The business’s fifty day moving average is $12.79 and its 200 day moving average is $12.33.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping 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. Equities research analysts forecast that Hut 8 will post -0.56 earnings per share for the current fiscal year.

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.