Hut 8 (NASDAQ:HUT) Given Buy Rating at BTIG Research

BTIG Research restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note released on Wednesday, MarketBeat reports. They currently have a $55.00 price target on the stock.

HUT has been the topic of a number of other reports. Canaccord Genuity Group increased their target price on shares of Hut 8 from $36.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. B. Riley restated a “buy” rating on shares of Hut 8 in a research note on Wednesday, October 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research report on Wednesday, November 5th. Roth Capital reissued a “buy” rating and issued a $60.00 target price (up from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Finally, Benchmark raised their price target on Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $48.80.

Hut 8 Trading Up 9.0%

HUT opened at $40.16 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. Hut 8 has a one year low of $10.04 and a one year high of $57.29. The company has a market cap of $4.34 billion, a P/E ratio of -102.97 and a beta of 4.41. The business’s 50-day simple moving average is $43.82 and its 200-day simple moving average is $31.30.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its stake in shares of 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 purchasing an additional 3,209 shares during the last quarter. Vanguard Group Inc. increased its stake in Hut 8 by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock valued at $76,075,000 after buying an additional 87,550 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Hut 8 by 2.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company’s stock valued at $12,075,000 after buying an additional 27,477 shares during the period. Deutsche Bank AG raised its position in Hut 8 by 18.4% during the 1st quarter. Deutsche Bank AG now owns 84,536 shares of the company’s stock worth $982,000 after buying an additional 13,161 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Hut 8 by 1.4% in the 1st quarter. Swiss National Bank now owns 163,440 shares of the company’s stock worth $1,899,000 after acquiring an additional 2,200 shares during the period. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.