Hut 8 (NASDAQ:HUT) Rating Increased to Buy at HC Wainwright

HC Wainwright upgraded shares of Hut 8 (NASDAQ:HUT) from a sell rating to a buy rating in a report released on Wednesday, Marketbeat Ratings reports. The firm currently has $13.50 price target on the stock, up from their prior price target of $7.50. HC Wainwright also issued estimates for Hut 8’s Q3 2024 earnings at ($0.26) EPS, Q4 2024 earnings at ($0.24) EPS and FY2024 earnings at ($0.56) EPS.

Several other equities analysts have also commented on the company. Canaccord Genuity Group increased their price objective on Hut 8 from $14.00 to $22.00 and gave the company a buy rating in a research report on Thursday, June 27th. Benchmark reiterated a buy rating and set a $17.00 price target on shares of Hut 8 in a research report on Wednesday, July 31st. Needham & Company LLC boosted their price objective on shares of Hut 8 from $13.00 to $15.00 and gave the stock a buy rating in a report on Monday, June 24th. Finally, Craig Hallum increased their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a report on Friday, June 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $16.08.

Hut 8 Trading Down 0.9 %

HUT stock opened at $11.54 on Wednesday. The firm has a 50 day simple moving average of $14.40 and a two-hundred day simple moving average of $10.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31. Hut 8 has a one year low of $6.18 and a one year high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to the consensus estimate of $50.60 million. On average, sell-side analysts anticipate that Hut 8 will post -0.43 EPS for the current year.

Insider Buying and Selling

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in HUT. Amalgamated Bank bought a new stake in Hut 8 in the second quarter valued at $42,000. Global Retirement Partners LLC boosted its stake in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Hut 8 during the second quarter valued at about $154,000. Triton Wealth Management PLLC raised its stake 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 buying an additional 2,490 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Hut 8 in the second quarter worth about $200,000. 31.75% of the stock is 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.