BTIG Research Reiterates “Buy” Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by BTIG Research in a report released on Wednesday, Marketbeat.com reports. They currently have a $55.00 price objective on the stock. BTIG Research’s price objective would indicate a potential upside of 42.52% from the stock’s current price.

HUT has been the topic of a number of other research reports. Piper Sandler set a $74.00 price objective on Hut 8 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Northland Securities set a $58.00 price target on shares of Hut 8 in a research report on Wednesday, November 5th. Benchmark upped their price target on shares of Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Finally, Cantor Fitzgerald increased their price objective on shares of Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $53.69.

Hut 8 Stock Down 3.9%

Shares of HUT stock opened at $38.59 on Wednesday. The company’s fifty day simple moving average is $43.67 and its two-hundred day simple moving average is $31.35. Hut 8 has a 52 week low of $10.04 and a 52 week high of $57.29. The stock has a market cap of $4.17 billion, a P/E ratio of -98.95 and a beta of 4.41. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The firm had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Analysts predict that Hut 8 will post -0.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. US Bancorp DE lifted its holdings in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after acquiring an additional 3,209 shares during the last quarter. Vanguard Group Inc. raised its position in Hut 8 by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock worth $76,075,000 after purchasing an additional 87,550 shares during the period. Charles Schwab Investment Management Inc. raised its position in Hut 8 by 2.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company’s stock worth $12,075,000 after purchasing an additional 27,477 shares during the period. Deutsche Bank AG lifted its stake in Hut 8 by 18.4% in the first quarter. Deutsche Bank AG now owns 84,536 shares of the company’s stock worth $982,000 after purchasing an additional 13,161 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Hut 8 by 1.4% during the first quarter. Swiss National Bank now owns 163,440 shares of the company’s stock valued at $1,899,000 after buying an additional 2,200 shares during the period. Institutional investors own 31.75% of the company’s stock.

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.