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

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the twenty-two analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $146.40.

HUT has been the subject of several research reports. Compass Point set a $195.00 price target on shares of Hut 8 in a research report on Wednesday, July 22nd. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Freedom Capital upgraded shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Needham & Company LLC decreased their target price on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a report on Wednesday, August 5th.

Insider Transactions at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at $1,093,294,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after purchasing an additional 4,062,367 shares in the last quarter. 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. boosted 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 purchasing an additional 1,611,653 shares in the last quarter. Finally, Avala Global LP purchased a new stake in shares of Hut 8 in the second quarter valued at approximately $144,602,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $98.74 on Monday. Hut 8 has a 1 year low of $31.67 and a 1 year high of $140.80. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of -18.12 and a beta of 4.51. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The company’s 50 day simple moving average is $93.03 and its 200 day simple moving average is $88.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the prior year, the company posted $1.18 EPS. As a group, research analysts predict that Hut 8 will post -2.85 EPS for the current fiscal year.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.