Hut 8 (NASDAQ:HUT) Given New $14.00 Price Target at Craig Hallum

Hut 8 (NASDAQ:HUT) had its target price hoisted by Craig Hallum from $12.00 to $14.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Needham & Company LLC raised their target price on shares of Hut 8 from $12.00 to $13.00 and gave the company a buy rating in a research note on Thursday, May 16th. Canaccord Genuity Group reiterated a buy rating and issued a $14.00 target price on shares of Hut 8 in a research note on Thursday, May 16th. HC Wainwright cut their target price on shares of Hut 8 from $9.00 to $7.50 and set a sell rating for the company in a research note on Thursday, May 16th. Finally, Benchmark reiterated a buy rating and issued a $12.00 target price on shares of Hut 8 in a research note on Friday, June 7th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $12.58.

Hut 8 Trading Up 8.5 %

Shares of NASDAQ HUT opened at $12.24 on Friday. The business has a 50-day moving average of $8.96 and a 200-day moving average of $9.35. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to the consensus estimate of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. As a group, sell-side analysts anticipate that Hut 8 will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at $251,549.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares in the last quarter. Savior LLC acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $1,543,000. Qube Research & Technologies Ltd acquired a new stake in shares of Hut 8 in the third quarter valued at approximately $3,429,000. AM Investment Strategies LLC acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $597,000. Finally, Foundations Investment Advisors LLC bought a new position in Hut 8 in the fourth quarter valued at approximately $605,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.