Hut 8’s (HUT) “Buy” Rating Reaffirmed at Rosenblatt Securities

by · The Cerbat Gem

Hut 8 (NASDAQ:HUT – Get Free Report)‘s stock had its “buy” rating reiterated by equities researchers at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $65.00 target price on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 61.85% from the company’s previous close.

A number of other research analysts have also commented on HUT. Canaccord Genuity Group lifted their price objective on shares of Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a research report on Monday. Roth Capital reaffirmed a “buy” rating and set a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Northland Securities set a $58.00 target price on Hut 8 in a research note on Wednesday, November 5th. Finally, Benchmark restated a “buy” rating on shares of Hut 8 in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $51.93.

Check Out Our Latest Report on Hut 8

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $40.16 on Thursday. The stock has a market cap of $4.34 billion, a P/E ratio of -102.97 and a beta of 4.41. Hut 8 has a twelve month low of $10.04 and a twelve month high of $57.29. The stock has a 50 day moving average of $43.82 and a two-hundred day moving average of $31.30. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT – Get Free Report) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. On average, research analysts forecast that Hut 8 will post -0.53 earnings per share for the current year.

Institutional Trading of Hut 8

A number of institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock worth $331,000 after buying an additional 321 shares in the last quarter. Arizona State Retirement System increased its holdings in Hut 8 by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock valued at $1,020,000 after acquiring an additional 542 shares in the last quarter. Advisors Asset Management Inc. raised its position in Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares during the last quarter. Main Management ETF Advisors LLC lifted its holdings in shares of Hut 8 by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock valued at $832,000 after purchasing an additional 732 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Hut 8 by 1.1% in the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after purchasing an additional 734 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Company Profile

(Get Free Report)

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.

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