Brokerages Set Hut 8 Corp. (NASDAQ:HUT) Target Price at $25.81

Hut 8 Corp. (NASDAQ:HUT) has earned an average recommendation of “Buy” from the eighteen analysts that are currently covering the company, MarketBeat.com reports. Fifteen investment analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $25.81.

HUT has been the subject of several recent research reports. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price target for the company. Citizens Jmp upgraded shares of Hut 8 to a “strong-buy” rating and set a $25.00 price target for the company in a research report on Thursday, May 22nd. Northland Securities initiated coverage on shares of Hut 8 in a research report on Monday, April 21st. They set an “outperform” rating and a $20.00 price target for the company. Citigroup initiated coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set an “outperform” rating for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $32.00 price target on shares of Hut 8 in a research report on Monday, May 12th.

Insider Activity

In other news, insider Victor Semah sold 11,363 shares of Hut 8 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 transaction, the insider now owns 15,738 shares of the company’s stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 11.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of Hut 8 in the fourth quarter worth approximately $26,000. Nisa Investment Advisors LLC lifted its position in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares in the last quarter. State of Wyoming purchased a new stake in Hut 8 in the 1st quarter worth approximately $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the 4th quarter valued at $35,000. Finally, US Bancorp DE grew its holdings in shares of Hut 8 by 3,961.7% during the 1st 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 in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $15.12 on Tuesday. Hut 8 has a 1-year low of $8.73 and a 1-year high of $31.95. The company’s fifty day moving average is $13.52 and its two-hundred day moving average is $18.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hut 8 (NASDAQ:HUT) last issued its 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). The business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. Equities research analysts forecast that Hut 8 will post -0.53 EPS for the current fiscal year.

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.