Hut 8 (NASDAQ:HUT) Receives “Buy” Rating from Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They currently have a $60.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 49.40% from the stock’s current price.

Several other equities analysts have also commented on HUT. Rosenblatt Securities restated a “buy” rating and set a $65.00 price target on shares of Hut 8 in a research note on Wednesday, November 5th. JMP Securities raised their target price on shares of Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 21st. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a report on Monday. Northland Securities set a $58.00 price objective on shares of Hut 8 in a research note on Wednesday, November 5th. Finally, BTIG Research reissued a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $51.93.

Hut 8 Stock Performance

Hut 8 stock opened at $40.16 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $4.34 billion, a PE ratio of -102.97 and a beta of 4.41. The company has a 50 day moving average price of $43.82 and a 200-day moving average price of $31.30. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $57.29.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. As a group, equities analysts forecast that Hut 8 will post -0.53 earnings per share for the current year.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. Vanguard Group Inc. boosted its stake in Hut 8 by 1.8% in the third quarter. Vanguard Group Inc. now owns 7,728,037 shares of the company’s stock valued at $269,013,000 after acquiring an additional 140,248 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after purchasing an additional 504,652 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Hut 8 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock worth $47,679,000 after purchasing an additional 309,113 shares in the last quarter. Value Aligned Research Advisors LLC boosted its position in shares of Hut 8 by 110.2% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after purchasing an additional 1,021,955 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Hut 8 by 45.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,555,800 shares of the company’s stock valued at $54,156,000 after buying an additional 486,721 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

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.