Needham & Company LLC Boosts Hut 8 (NASDAQ:HUT) Price Target to $16.50

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

Other analysts have also issued reports about the stock. HC Wainwright reissued a buy rating and issued a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Benchmark reissued a buy rating and set a $17.00 target price on shares of Hut 8 in a research note on Wednesday, August 14th. Craig Hallum boosted their price target 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. Finally, Canaccord Genuity Group reiterated a buy rating and set a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $16.33.

Hut 8 Trading Up 0.8 %

HUT opened at $12.63 on Tuesday. The stock has a fifty day moving average of $12.26 and a 200-day moving average of $11.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a 12-month low of $6.18 and a 12-month high of $21.10.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share 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 analyst estimates of $38.00 million. As a group, research analysts predict that Hut 8 will post -0.56 EPS for the current year.

Insider Transactions at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of Hut 8 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 completion of the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

Large investors have recently modified their holdings of the company. Amalgamated Bank acquired a new position in Hut 8 during the 2nd quarter worth $42,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at about $154,000. Triton Wealth Management PLLC increased its stake in shares of 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. Dimensional Fund Advisors LP acquired a new position in shares of Hut 8 during the 2nd quarter worth about $200,000. Finally, 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 during the period. 31.75% of the stock is owned by 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.