Hut 8 (NASDAQ:HUT) Price Target Raised to $32.00

by · The Markets Daily

Hut 8 (NASDAQ:HUT – Get Free Report) had its target price increased by research analysts at Craig Hallum from $15.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price objective would indicate a potential upside of 32.34% from the company’s current price.

Other analysts also recently issued research reports about the company. Needham & Company LLC upped their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Benchmark upped their price objective on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. HC Wainwright lifted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average target price of $28.50.

View Our Latest Stock Report on Hut 8

Hut 8 Stock Performance

Shares of HUT stock traded down $0.60 during trading hours on Thursday, hitting $24.18. The company’s stock had a trading volume of 4,782,495 shares, compared to its average volume of 5,083,008. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47. The company has a 50 day moving average of $13.87 and a 200 day moving average of $12.74. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. Equities analysts expect that Hut 8 will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the second quarter worth about $17,388,000. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Millennium Management LLC grew its position in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares in the last quarter. Swiss National Bank increased its holdings in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after purchasing an additional 54,100 shares during the last quarter. Finally, Ninepoint Partners LP acquired a new position in Hut 8 during the second quarter worth $720,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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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