Hut 8 Corp. (NASDAQ:HUT) Stock Has Consensus Price Target of $145.23 According to Analysts

by · The Cerbat Gem

Hut 8 Corp. (NASDAQ:HUT – Get Free Report) has been assigned an average recommendation of “Buy” from the twenty-four research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $145.77.

Several analysts have commented on the company. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Roth Capital reaffirmed a “buy” rating and set a $108.00 target price on shares of Hut 8 in a research note on Wednesday, October 7th. Morgan Stanley increased their target price on Hut 8 from $273.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Finally, Piper Sandler boosted their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th.

Check Out Our Latest Analysis on Hut 8

Hut 8 Trading Down 1.9%

HUT stock opened at $83.61 on Friday. Hut 8 has a one year low of $31.67 and a one year high of $140.80. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The firm’s fifty day moving average is $89.18 and its 200 day moving average is $94.01.

Hut 8 (NASDAQ:HUT – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The firm had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. During the same quarter last year, the company posted $1.18 EPS. On average, sell-side analysts forecast that Hut 8 will post -2.97 EPS for the current fiscal year.

Insider Transactions at Hut 8

In related news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares in the company, valued at $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Hut 8 in the second quarter valued at approximately $1,093,294,000. Sachem Head Capital Management LP purchased a new position in Hut 8 during the fourth quarter worth approximately $129,780,000. Oasis Management Co Ltd. lifted its position in Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after buying an additional 1,611,653 shares in the last quarter. Avala Global LP purchased a new position in Hut 8 during the second quarter worth approximately $144,602,000. Finally, Wellington Management Group LLP acquired a new position in Hut 8 during the second quarter worth $97,949,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

(Get Free Report)

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.

See Also