Hut 8 (NASDAQ:HUT) Rating Increased to Hold at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded shares of Hut 8 (NASDAQ:HUT) to a hold rating in a research report sent to investors on Monday,Zacks reports.

Other research analysts also recently issued research reports about the company. Loop Capital set a $226.00 target price on Hut 8 in a research note on Monday, June 22nd. Keefe, Bruyette & Woods reduced their price target 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. Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Morgan Stanley assumed coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 target price on the stock. Finally, Freedom Capital upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $144.00.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $103.42 on Monday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The business’s 50 day moving average is $93.11 and its 200-day moving average is $89.45. Hut 8 has a 1-year low of $31.67 and a 1-year high of $140.80. The firm has a market cap of $12.75 billion, a P/E ratio of -18.98 and a beta of 4.51.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HUT. Canada Pension Plan Investment Board bought a new position in shares of Hut 8 during the second quarter valued at approximately $45,301,000. Dimensional Fund Advisors LP increased its position in shares of Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock valued at $9,717,000 after acquiring an additional 20,813 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Hut 8 in the 4th quarter worth $1,153,000. Dayah Capital LLC lifted its stake in Hut 8 by 12.6% during the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after acquiring an additional 24,456 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Hut 8 during the first quarter valued at approximately $4,358,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

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.