Hut 8 (NASDAQ:HUT) Upgraded at Citizens Jmp

Hut 8 (NASDAQ:HUT) was upgraded by stock analysts at Citizens Jmp to a “strong-buy” rating in a report issued on Thursday, Marketbeat.com reports. The brokerage currently has a $25.00 price target on the stock. Citizens Jmp’s target price would suggest a potential upside of 50.15% from the company’s current price.

A number of other analysts have also weighed in on HUT. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price target for the company. Northland Capmk raised shares of Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. BTIG Research initiated coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Fifteen equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and an average target price of $25.81.

Hut 8 Stock Down 2.5%

Hut 8 stock opened at $16.65 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average price of $13.25 and a two-hundred day moving average price of $18.93. Hut 8 has a 52-week low of $8.53 and a 52-week high of $31.95.

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

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. R Squared Ltd acquired a new stake in shares of Hut 8 during the fourth quarter valued at approximately $26,000. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 77.9% during the fourth 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 during the period. State of Wyoming acquired a new stake in shares of Hut 8 during the first quarter valued at approximately $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the fourth quarter valued at approximately $35,000. Finally, US Bancorp DE raised its holdings in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after acquiring an additional 3,209 shares during the period. 31.75% of the stock is currently owned by 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.