Hut 8 (NASDAQ:HUT) Price Target Raised to $16.50

Hut 8 (NASDAQ:HUT) had its price objective boosted by Needham & Company LLC from $15.00 to $16.50 in a research report report published on Tuesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages have also weighed in on HUT. HC Wainwright reiterated a buy rating and set a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Craig Hallum lifted their price objective on Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a report on Friday, June 14th. Benchmark reissued a buy rating and issued a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Finally, Canaccord Genuity Group restated a buy rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $16.33.

Hut 8 Trading Up 0.8 %

Hut 8 stock opened at $12.63 on Tuesday. Hut 8 has a 12 month low of $6.18 and a 12 month high of $21.10. The business has a 50 day moving average price of $12.26 and a two-hundred day moving average price of $11.18. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Equities research analysts predict that Hut 8 will post -0.56 earnings per share for the current year.

Insider Transactions at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HUT. Nomura Holdings Inc. acquired a new stake in shares of Hut 8 in the 4th quarter valued at $1,774,000. Westend Capital Management LLC bought a new position in Hut 8 in the first quarter valued at about $5,190,000. Triton Wealth Management PLLC increased its position in Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after purchasing an additional 2,490 shares during the period. Van ECK Associates Corp raised its holdings in Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Swiss National Bank lifted its position in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after purchasing an additional 54,100 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.