Cantor Fitzgerald Issues Pessimistic Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price objective decreased by equities researchers at Cantor Fitzgerald from $180.00 to $151.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 98.45% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on HUT. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler boosted their target price on Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Freedom Broker upgraded Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, B. Riley Financial upped their target price on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $149.00.

Hut 8 Trading Up 1.6%

Shares of HUT opened at $76.09 on Friday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm’s 50-day moving average is $88.53 and its two-hundred day moving average is $94.38. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80. The firm has a market capitalization of $9.38 billion, a P/E ratio of -13.96 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the previous year, the business posted $1.18 earnings per share. On average, research analysts predict that Hut 8 will post -2.93 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the director owned 89,408 shares in the company, valued at $8,940,800. This represents a 18.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Hut 8 in the 2nd quarter valued at approximately $1,093,294,000. Avala Global LP acquired a new stake in Hut 8 during the 2nd quarter valued at $144,602,000. Wellington Management Group LLP purchased a new position in Hut 8 during the second quarter worth $97,949,000. Montanova Capital LLC purchased a new position in Hut 8 during the second quarter worth $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the second quarter worth $56,364,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.