Hut 8 (NASDAQ:HUT) Now Covered by JMP Securities

JMP Securities began coverage on shares of Hut 8 (NASDAQ:HUT) in a research report report published on Thursday,Benzinga reports. The firm issued a market outperform rating and a $25.00 price target on the stock.

A number of other brokerages also recently weighed in on HUT. B. Riley began coverage on Hut 8 in a report on Wednesday, May 14th. They issued a “buy” rating and a $25.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Maxim Group began coverage on Hut 8 in a report on Thursday, May 1st. They issued a “buy” rating and a $20.00 target price on the stock. Sixteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $25.81.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $17.08 on Thursday. Hut 8 has a 1 year low of $8.53 and a 1 year high of $31.95. 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 business’s 50 day simple moving average is $13.16 and its 200 day simple moving average is $18.93.

Hut 8 (NASDAQ:HUT) last issued its quarterly 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 company had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. On average, 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, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its position in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the last quarter. R Squared Ltd bought a new position in Hut 8 during the 4th quarter worth $26,000. Optiver Holding B.V. bought a new position in Hut 8 during the 4th quarter worth $35,000. Russell Investments Group Ltd. raised its position in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in Hut 8 during the 4th quarter worth $45,000. 31.75% of the stock is 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.