Hut 8 (NASDAQ:HUT) Price Target Raised to $15.00 at Craig Hallum

Hut 8 (NASDAQ:HUT) had its price objective increased by research analysts at Craig Hallum from $14.00 to $15.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s target price would indicate a potential upside of 27.88% from the company’s previous close.

A number of other research analysts also recently commented on HUT. HC Wainwright reiterated a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC upped their price objective on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $16.50.

Hut 8 Stock Down 2.1 %

Shares of Hut 8 stock opened at $11.73 on Wednesday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The business has a 50-day moving average of $11.62 and a 200-day moving average of $11.35.

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

Insider Transactions at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 11,861 shares in the company, 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 related news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The transaction was disclosed in a filing with the SEC, which can be accessed 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 transaction of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Several hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new position in Hut 8 during the 2nd quarter valued at about $42,000. Victory Capital Management Inc. acquired a new position in shares of Hut 8 during the second quarter valued at approximately $154,000. Dimensional Fund Advisors LP acquired a new stake in Hut 8 in the second quarter worth approximately $200,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after purchasing an additional 3,105 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Hut 8 during the 1st quarter valued at $255,000. Institutional investors 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.