Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Craig Hallum Analyst Says

Hut 8 (NASDAQ:HUT) had its target price boosted by Craig Hallum from $15.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price objective would suggest a potential upside of 32.34% from the company’s previous close.

A number of other brokerages have also commented on HUT. Stifel Nicolaus raised their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright raised their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Benchmark upped their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC raised their price target on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $28.50.

Hut 8 Trading Down 2.4 %

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

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. On average, equities analysts anticipate that Hut 8 will post -0.55 earnings per share for the current year.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on 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 owns 11,861 shares of the company’s stock, valued at $139,248.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.00% of the stock is owned by corporate insiders.

Institutional Trading of Hut 8

A number of institutional investors have recently made changes to their positions in the business. Walleye Capital LLC boosted its stake in Hut 8 by 179.7% in the 3rd quarter. Walleye Capital LLC now owns 405,780 shares of the company’s stock worth $4,975,000 after purchasing an additional 260,695 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Hut 8 by 129.1% in the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after buying an additional 26,324 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in shares of Hut 8 during the third quarter worth $251,000. BNP Paribas Financial Markets lifted its stake in shares of Hut 8 by 24.6% during the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock worth $227,000 after buying an additional 3,653 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after buying an additional 197,074 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.