HC Wainwright Reiterates Buy Rating for Hut 8 (NASDAQ:HUT)

HC Wainwright reissued their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report sent to investors on Friday,Benzinga reports. HC Wainwright currently has a $25.00 price target on the stock.

A number of other brokerages have also commented on HUT. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Maxim Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a “buy” rating and a $20.00 price objective on the stock. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 target price for the company. Finally, Northland Securities began coverage on Hut 8 in a research report on Monday, April 21st. They issued an “outperform” rating and a $20.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and an average price target of $26.00.

Hut 8 Stock Performance

HUT opened at $13.89 on Friday. Hut 8 has a 1-year low of $7.67 and a 1-year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a 50-day moving average price of $12.49 and a two-hundred day moving average price of $18.91.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to analysts’ expectations of $33.68 million. As a group, analysts expect that Hut 8 will post -0.53 earnings per share for the current year.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares of the company’s stock, valued at $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after buying an additional 28,532 shares during the period. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. GoalVest Advisory LLC acquired a new position in Hut 8 during the 4th quarter worth approximately $330,000. KBC Group NV bought a new position in shares of Hut 8 during the 4th quarter worth approximately $69,000. Finally, Foundations Investment Advisors LLC raised its holdings in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after purchasing an additional 932 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

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.