Hut 8 Corp. (NASDAQ:HUT) Given Average Rating of “Buy” by Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have been given a consensus recommendation of “Buy” by the nineteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Fifteen analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $25.76.

A number of equities analysts recently issued reports on HUT shares. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th. B. Riley started coverage on Hut 8 in a report on Wednesday, May 14th. They set a “buy” rating and a $25.00 price target on the stock. Roth Capital assumed coverage on Hut 8 in a report on Friday, June 6th. They set a “buy” rating and a $25.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Monday, May 12th. Finally, UBS Group set a $33.00 price objective on Hut 8 in a report on Wednesday, April 2nd.

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Yaupon Capital Management LP purchased a new stake in Hut 8 in the 1st quarter valued at approximately $3,196,000. Arete Wealth Advisors LLC lifted its stake in Hut 8 by 241.5% in the 1st quarter. Arete Wealth Advisors LLC now owns 67,432 shares of the company’s stock valued at $784,000 after buying an additional 47,689 shares in the last quarter. Clearline Capital LP purchased a new stake in Hut 8 in the 1st quarter valued at approximately $386,000. Millennium Management LLC lifted its stake in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after buying an additional 35,120 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock valued at $12,835,000 after buying an additional 471,355 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Down 1.9%

NASDAQ HUT opened at $16.70 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. Hut 8 has a 52-week low of $8.73 and a 52-week high of $31.95. The business’s 50-day moving average price is $15.11 and its 200 day moving average price is $17.91.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The company had revenue of $20.88 million for the quarter, compared to analysts’ expectations of $33.68 million. On average, sell-side analysts predict that Hut 8 will post -0.53 earnings per share for the current year.

Hut 8 Company Profile

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.