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

Hut 8 Corp. (NASDAQ:HUT) has been assigned a consensus recommendation of “Buy” from the eighteen ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $48.80.

A number of research firms have recently issued reports on HUT. B. Riley reiterated a “buy” rating on shares of Hut 8 in a report on Wednesday, October 22nd. Roth Capital restated a “buy” rating and issued a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Northland Securities set a $58.00 price target on shares of Hut 8 in a research report on Wednesday, November 5th. Cantor Fitzgerald lifted their price target on shares of Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Finally, Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $41.31 on Friday. The company’s fifty day moving average price is $44.13 and its 200-day moving average price is $30.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -105.92 and a beta of 4.41. Hut 8 has a one year low of $10.04 and a one year high of $57.29.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, equities research analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Value Aligned Research Advisors LLC grew its stake in shares of Hut 8 by 110.2% during the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock valued at $67,845,000 after buying an additional 1,021,955 shares during the last quarter. IFP Advisors Inc boosted its holdings in Hut 8 by 23.9% during the 3rd quarter. IFP Advisors Inc now owns 4,764 shares of the company’s stock valued at $166,000 after acquiring an additional 919 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Hut 8 during the 3rd quarter valued at about $350,000. NewEdge Advisors LLC grew its position in Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock worth $79,000 after acquiring an additional 907 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in Hut 8 in the 3rd quarter worth approximately $766,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.