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

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

HUT has been the subject of several other reports. Needham & Company LLC restated a buy rating and set a $15.00 target price on shares of Hut 8 in a report on Friday, August 23rd. Benchmark restated a buy rating and set a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Craig Hallum increased their target price on 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 restated a buy rating and set a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of Buy and a consensus target price of $16.08.

Hut 8 Price Performance

HUT opened at $11.17 on Friday. The stock has a 50-day moving average price of $12.85 and a 200-day moving average price of $11.10. Hut 8 has a 12-month low of $6.18 and a 12-month high of $21.10. 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 (NASDAQ:HUT) last issued its 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 company had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. As a group, equities analysts expect that Hut 8 will post -0.56 EPS for the current year.

Insider Buying and Selling at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the 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 transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Joseph Flinn sold 7,618 shares of the 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 transaction, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the 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 completion of the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Hut 8 by 8,329.2% in the 1st 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 during the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the 1st quarter worth approximately $18,191,000. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter worth approximately $17,388,000. Van ECK Associates Corp grew its stake in shares of Hut 8 by 79.6% in the 1st 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 during the last quarter. Finally, Westend Capital Management LLC purchased a new stake in shares of Hut 8 in the 1st quarter worth approximately $5,190,000. Institutional investors own 31.75% of the company’s stock.

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.