Hut 8’s (HUT) “Buy” Rating Reiterated at BTIG Research

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a note issued to investors on Thursday,Benzinga reports. They presently have a $55.00 price objective on the stock. BTIG Research’s price target indicates a potential upside of 17.02% from the company’s previous close.

Several other equities analysts have also commented on the company. Cantor Fitzgerald raised their price target on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday. Northland Securities set a $58.00 target price on Hut 8 in a research note on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Hut 8 in a research note on Friday, October 31st. JMP Securities boosted their price target on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Finally, Piper Sandler set a $74.00 price target on Hut 8 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $47.75.

Hut 8 Trading Down 2.3%

HUT stock opened at $47.00 on Thursday. The firm has a fifty day moving average price of $39.49 and a 200 day moving average price of $25.79. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $57.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The firm has a market cap of $4.96 billion, a PE ratio of -85.45 and a beta of 4.40.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $84.36 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 9.02%. Sell-side analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 8,500 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,060 shares of company stock valued at $399,485 over the last quarter. 11.20% of the stock is owned by company insiders.

Institutional Trading of Hut 8

Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in Hut 8 in the 1st quarter valued at $143,000. Edgestream Partners L.P. purchased a new stake in Hut 8 in the 1st quarter valued at $3,042,000. SBI Securities Co. Ltd. grew its holdings in Hut 8 by 51.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company’s stock valued at $110,000 after buying an additional 3,228 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after buying an additional 829,484 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Hut 8 by 7.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after buying an additional 819 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.