Hut 8 (NASDAQ:HUT) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Hut 8 (NASDAQ:HUT) from a sell rating to a hold rating in a report released on Saturday.

A number of other equities analysts have also recently issued reports on HUT. Maxim Group increased their target price on Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Benchmark raised their price objective on shares of Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Canaccord Genuity Group lifted their price objective on shares of Hut 8 from $36.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler set a $74.00 target price on shares of Hut 8 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $47.75.

Hut 8 Trading Up 2.8%

Shares of HUT stock traded up $1.22 on Friday, hitting $44.59. The company had a trading volume of 7,283,098 shares, compared to its average volume of 9,107,558. Hut 8 has a twelve month low of $10.04 and a twelve month high of $57.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.81 and a current ratio of 0.72. The firm has a market cap of $4.82 billion, a P/E ratio of -81.07 and a beta of 4.40. The stock’s 50-day moving average is $40.18 and its two-hundred day moving average is $26.25.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $84.36 million during the quarter, compared to the consensus estimate of $64.70 million. On average, equities research analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the company’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in Hut 8 by 1.9% during the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock valued at $1,020,000 after buying an additional 542 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares during the last quarter. Main Management ETF Advisors LLC boosted its holdings in Hut 8 by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock valued at $832,000 after acquiring an additional 732 shares during the period. Intech Investment Management LLC grew its position in Hut 8 by 1.1% during the 2nd quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock worth $1,245,000 after acquiring an additional 734 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after acquiring an additional 815 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.