Hut 8 Corp. (NASDAQ:HUT) Given Average Rating of “Buy” by Analysts

Hut 8 Corp. (NASDAQ:HUT) has been given a consensus rating of “Buy” by the nineteen analysts that are presently covering the stock, MarketBeat Ratings reports. Fifteen analysts have rated the stock with a buy recommendation and four have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $25.76.

HUT has been the topic of a number of recent analyst reports. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Needham & Company LLC reissued a “buy” rating and set a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Northland Securities started coverage on Hut 8 in a research note on Monday, April 21st. They set an “outperform” rating and a $20.00 price target on the stock. Roth Capital started coverage on Hut 8 in a research report on Friday, June 6th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th.

Hut 8 Trading Down 1.9%

Shares of Hut 8 stock opened at $16.70 on Friday. Hut 8 has a fifty-two week low of $8.73 and a fifty-two week high of $31.95. The business’s fifty day moving average is $15.11 and its two-hundred day moving average is $17.91. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The business had revenue of $20.88 million for the quarter, compared to analysts’ expectations of $33.68 million. On average, research analysts predict that Hut 8 will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after purchasing an additional 245,113 shares during the period. Northern Trust Corp grew its stake in shares of Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock valued at $14,703,000 after acquiring an additional 28,462 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Hut 8 during the fourth quarter valued at about $1,180,000. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 during the fourth quarter valued at about $37,400,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company’s stock valued at $6,617,000 after acquiring an additional 60,542 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other 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.