Hut 8’s (HUT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report report published on Friday morning, Benzinga reports. HC Wainwright currently has a $13.50 price objective on the stock.

Other equities analysts also recently issued reports about the company. Needham & Company LLC restated a buy rating and issued a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Canaccord Genuity Group restated a buy rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Benchmark restated a buy rating and issued a $17.00 price target on shares of Hut 8 in a research note on Wednesday, August 14th. Finally, Craig Hallum raised their price target on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research note on Friday, June 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $16.08.

Hut 8 Price Performance

Shares of HUT opened at $11.17 on Friday. The business’s fifty day simple moving average is $12.85 and its two-hundred day simple moving average is $11.10. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a 12 month low of $6.18 and a 12 month high of $21.10.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. On average, equities analysts expect that Hut 8 will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was 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 of the company’s stock, valued at $139,248.14. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the first quarter worth about $18,191,000. Van ECK Associates Corp lifted its position in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after buying an additional 558,824 shares in the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the second quarter worth about $17,388,000. Finally, Millennium Management LLC lifted its position in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other 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.