Hut 8 (NASDAQ:HUT) Rating Increased to Strong-Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research note released on Thursday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on HUT. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. BTIG Research lifted their price objective on shares of Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Hut 8 in a research report on Thursday, February 26th. Northland Securities set a $120.00 target price on shares of Hut 8 in a research note on Thursday, May 7th. Finally, Citizens Jmp raised their price target on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.72.

Hut 8 Stock Up 1.0%

Shares of NASDAQ HUT opened at $109.37 on Thursday. The stock has a fifty day moving average price of $65.92 and a 200 day moving average price of $55.39. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 has a 12-month low of $14.74 and a 12-month high of $112.26. The company has a market cap of $12.31 billion, a P/E ratio of -36.46 and a beta of 4.48.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The company had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Research analysts anticipate that Hut 8 will post -1.5 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the sale, the director directly owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sean Joseph Glennan sold 4,625 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the transaction, the chief financial officer directly owned 12,068 shares in the company, valued at approximately $591,935.40. The trade was a 27.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,628 shares of company stock worth $4,960,721 in the last 90 days. 10.40% of the stock is owned by corporate insiders.

Institutional Trading of Hut 8

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new position in Hut 8 during the 4th quarter worth $30,000. Imprint Wealth LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $38,000. Russell Investments Group Ltd. lifted its position in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Hut 8 during the first quarter worth about $47,000. Finally, Activest Wealth Management acquired a new position in Hut 8 in the fourth quarter worth about $49,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.