Hut 8’s (HUT) Buy Rating Reiterated at Roth Capital

by · The Markets Daily

Roth Capital restated their buy rating on shares of Hut 8 (NASDAQ:HUT – Free Report) in a research report sent to investors on Monday, MarketBeat reports. They currently have a $60.00 price target on the stock, up from their previous price target of $31.00.

A number of other equities research analysts also recently weighed in on the company. Citizens Jmp upgraded Hut 8 to a “strong-buy” rating and set a $25.00 target price for the company in a research report on Thursday, May 22nd. Citigroup began coverage on Hut 8 in a research report on Thursday, May 22nd. They set an “outperform” rating for the company. BTIG Research upped their price objective on Hut 8 from $25.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Canaccord Genuity Group upped their price objective on Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Finally, Rosenblatt Securities dropped their price objective on Hut 8 from $24.00 to $23.00 and set a “buy” rating for the company in a report on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $29.88.

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Hut 8 Stock Performance

HUT stock opened at $37.79 on Monday. Hut 8 has a twelve month low of $10.04 and a twelve month high of $38.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The business has a fifty day moving average of $24.12 and a 200-day moving average of $18.04.

Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. As a group, equities research analysts predict that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Joseph Flinn sold 11,069 shares of the company’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the sale, the director owned 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. The trade was a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,129 shares of company stock valued at $574,044 over the last ninety days. 11.20% of the stock is owned by insiders.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after acquiring an additional 815 shares in the last quarter. Advisors Asset Management Inc. raised its holdings 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 in the last quarter. Russell Investments Group Ltd. raised its holdings in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. State of Wyoming bought a new stake in Hut 8 during the first quarter worth about $32,000. Finally, US Bancorp DE raised its holdings in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after acquiring an additional 3,209 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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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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