Hut 8 (NASDAQ:HUT) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reissued their sell rating on shares of Hut 8 (NASDAQ:HUT) in a research note released on Tuesday, Benzinga reports. The brokerage currently has a $7.50 price objective on the stock.

Other equities analysts have also recently issued reports about the stock. Benchmark raised their price objective on shares of Hut 8 from $12.00 to $17.00 and gave the company a buy rating in a research note on Friday, June 21st. Canaccord Genuity Group reaffirmed a buy rating and issued a $14.00 price objective on shares of Hut 8 in a research note on Thursday, May 16th. Craig Hallum raised their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a research note on Friday, June 14th. Finally, Needham & Company LLC raised their price objective on shares of Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, Hut 8 currently has a consensus rating of Moderate Buy and a consensus target price of $15.08.

Hut 8 Price Performance

HUT opened at $15.20 on Tuesday. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50 day simple moving average is $9.84 and its 200-day simple moving average is $9.59.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.11). Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. Sell-side analysts anticipate that Hut 8 will post -0.43 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of Hut 8 stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the transaction, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Qube Research & Technologies Ltd acquired a new stake in Hut 8 in the 3rd quarter valued at $3,429,000. Tidal Investments LLC acquired a new stake in Hut 8 in the 1st quarter valued at $18,191,000. Wellington Management Group LLP increased its stake in Hut 8 by 203.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.