Brokerages Set Hut 8 Corp. (NASDAQ:HUT) Target Price at $38.41

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the twenty ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, seventeen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $38.4118.

Several research firms have recently commented on HUT. Canaccord Genuity Group upped their price target on Hut 8 from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. B. Riley reissued a “buy” rating on shares of Hut 8 in a research note on Wednesday. JMP Securities raised their target price on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a report on Wednesday, October 8th.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the transaction, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 8,500 shares of the firm’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. This trade represents a 46.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,060 shares of company stock valued at $399,485. Company insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Hut 8 by 1.4% during the first quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock worth $76,075,000 after buying an additional 87,550 shares in the last quarter. Geode Capital Management LLC increased its holdings in Hut 8 by 13.7% in the second quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after buying an additional 309,113 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after acquiring an additional 2,269,237 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock worth $14,957,000 after acquiring an additional 829,484 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock worth $12,835,000 after acquiring an additional 471,355 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 17.3%

Shares of HUT opened at $47.66 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $57.29. The firm has a 50-day simple moving average of $35.25 and a 200-day simple moving average of $23.64.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The firm had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Equities analysts forecast that Hut 8 will post -0.53 EPS for the current 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.