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

Hut 8 (NASDAQ:HUT) had its target price lifted by equities researchers at Benchmark from $17.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 27.29% from the company’s current price.

Other analysts have also issued research reports about the stock. Stifel Nicolaus lifted their price objective 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. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC raised their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Finally, Craig Hallum lifted their price objective on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.08.

Hut 8 Price Performance

Shares of NASDAQ:HUT traded up $0.36 during mid-day trading on Thursday, hitting $25.14. 1,861,804 shares of the company traded hands, compared to its average volume of 5,069,135. The stock has a 50-day moving average price of $13.87 and a two-hundred day moving average price of $12.74. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. On average, equities research analysts expect that Hut 8 will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter worth about $42,000. Capital Performance Advisors LLP purchased a new position in Hut 8 in the 3rd quarter worth approximately $40,000. Victory Capital Management Inc. bought a new position in Hut 8 in the 2nd quarter worth approximately $154,000. Intech Investment Management LLC purchased a new stake in Hut 8 during the 3rd quarter valued at approximately $133,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Hut 8 during the second quarter valued at approximately $200,000. 31.75% of the stock is 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.