Benchmark Reaffirms “Buy” Rating for Hut 8 (NASDAQ:HUT)

Benchmark reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report report published on Wednesday morning, Benzinga reports. They currently have a $17.00 target price on the stock.

HUT has been the topic of a number of other research reports. Needham & Company LLC increased their price target on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday, June 24th. Canaccord Genuity Group increased their price target on Hut 8 from $14.00 to $22.00 and gave the company a buy rating in a research note on Thursday, June 27th. HC Wainwright restated a sell rating and issued a $7.50 price target on shares of Hut 8 in a research note on Tuesday, June 25th. Finally, Craig Hallum increased their price target on Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a research note on Friday, June 14th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 currently has an average rating of Moderate Buy and a consensus target price of $15.08.

Hut 8 Trading Down 10.8 %

NASDAQ HUT opened at $12.40 on Wednesday. The stock’s 50 day moving average price is $13.96 and its two-hundred day moving average price is $10.37. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. Hut 8 has a 52 week low of $6.18 and a 52 week high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The firm had revenue of $51.74 million during the quarter, compared to the consensus estimate of $50.60 million. As a group, research analysts forecast that Hut 8 will post -0.43 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction 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 legal filing with the SEC, which is accessible through this link. Insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Large investors have recently modified their holdings of the stock. Nomura Holdings Inc. acquired a new stake in shares of Hut 8 during the 4th quarter worth $1,774,000. Van ECK Associates Corp lifted its position in shares of Hut 8 by 79.6% during 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. Swiss National Bank lifted its position in shares of Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after buying an additional 54,100 shares during the last quarter. Savior LLC bought a new stake in shares of Hut 8 during the 4th quarter worth $1,543,000. Finally, AM Investment Strategies LLC bought a new stake in shares of Hut 8 during the 4th quarter worth $597,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.