Hut 8 (NASDAQ:HUT) Stock Price Target Lowered at Jefferies Financial Group

Hut 8 (NASDAQ:HUT) had its price target lowered by research analysts at Jefferies Financial Group from $90.00 to $81.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group‘s price target suggests a potential upside of 42.68% from the company’s current price.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald lowered their price target on Hut 8 from $151.00 to $127.00 and set an “overweight” rating for the company in a research report on Thursday, November 5th. UBS Group restated a “buy” rating on shares of Hut 8 in a research note on Thursday, October 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $130.00 price objective on shares of Hut 8 in a report on Wednesday, October 7th. Wells Fargo & Company reduced their target price on shares of Hut 8 from $175.00 to $148.00 and set an “overweight” rating for the company in a research note on Thursday, November 5th. Finally, Roth Capital initiated coverage on shares of Hut 8 in a report on Wednesday, October 7th. They issued a “buy” rating and a $108.00 target price for the company. Four 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $134.05.

Hut 8 Stock Down 0.4%

HUT traded down $0.25 during midday trading on Tuesday, reaching $56.77. 4,306,803 shares of the company were exchanged, compared to its average volume of 5,076,050. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The company’s fifty day moving average price is $80.49 and its 200 day moving average price is $82.17. The company has a market cap of $7.00 billion, a price-to-earnings ratio of -11.59 and a beta of 4.53. Hut 8 has a one year low of $31.67 and a one year high of $140.80.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, November 4th. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $1.70. The company had revenue of $71.07 million for the quarter, compared to analyst estimates of $75.78 million. Hut 8 had a negative return on equity of 9.99% and a negative net margin of 169.76%. As a group, analysts expect that Hut 8 will post -1.33 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Arlington Trust Co LLC increased its holdings in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after buying an additional 175 shares during the last quarter. GK Wealth Management LLC purchased a new position in Hut 8 in the third quarter valued at about $25,000. Parkside Financial Bank & Trust grew its position in shares of Hut 8 by 258.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after acquiring an additional 274 shares during the period. Heritage Family Offices LLP bought a new position in shares of Hut 8 during the 3rd quarter valued at approximately $35,000. Finally, CoreCap Advisors LLC grew its position in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

About Hut 8

Hut 8 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads. The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.