Analysts Set Hut 8 Corp. (NASDAQ:HUT) Target Price at $144.89

Hut 8 Corp. (NASDAQ:HUT) has received a consensus rating of “Buy” from the twenty-two analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, seventeen have assigned a buy rating and four have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $146.40.

Several brokerages have recently commented on HUT. Needham & Company LLC reduced their target price on Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Benchmark boosted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company started coverage on shares of Hut 8 in a research note on Thursday. They set an “overweight” rating and a $175.00 price objective for the company. Keefe, Bruyette & Woods decreased their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Finally, B. Riley Financial lifted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd.

Insider Activity at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of hedge funds have recently made changes to their positions in HUT. Van Hulzen Asset Management LLC acquired a new stake in shares of Hut 8 during the second quarter worth approximately $225,000. WINTON GROUP Ltd purchased a new position in shares of Hut 8 during the 2nd quarter valued at $8,162,000. Engineers Gate Manager LP acquired a new position in shares of Hut 8 in the second quarter worth $275,000. Steamboat Capital Partners LLC acquired a new position in shares of Hut 8 in the second quarter worth $7,298,000. Finally, Allworth Financial LP increased its stake in shares of Hut 8 by 18.5% in the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock worth $157,000 after acquiring an additional 213 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

NASDAQ:HUT opened at $98.74 on Monday. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The business’s 50-day moving average price is $93.03 and its 200 day moving average price is $89.05. Hut 8 has a 52-week low of $31.67 and a 52-week high of $140.80. The firm has a market cap of $12.17 billion, a P/E ratio of -18.12 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the previous year, the firm earned $1.18 earnings per share. As a group, sell-side analysts predict that Hut 8 will post -2.85 earnings per share for the current fiscal year.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.