Hut 8 (NASDAQ:HUT) Receives Buy Rating from Rosenblatt Securities

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They currently have a $124.00 target price on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 10.22% from the company’s previous close.

A number of other equities analysts have also recently weighed in on HUT. Arete Research initiated coverage on Hut 8 in a report on Monday, March 23rd. They issued a “buy” rating and a $136.00 price target for the company. BTIG Research upped their target price on Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings lowered Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Needham & Company LLC upped their target price on Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Canaccord Genuity Group upped their target price on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Hut 8 currently has an average rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Price Performance

Shares of HUT traded up $6.82 during mid-day trading on Thursday, hitting $112.50. The company’s stock had a trading volume of 1,539,191 shares, compared to its average volume of 4,909,870. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The firm has a 50-day simple moving average of $90.08 and a 200 day simple moving average of $64.66. The firm has a market capitalization of $12.67 billion, a P/E ratio of -37.48 and a beta of 4.61. Hut 8 has a 1-year low of $15.26 and a 1-year high of $140.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) 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 firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Analysts predict that Hut 8 will post -1.29 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,518 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the transaction, the insider directly owned 41,378 shares in the company, valued at approximately $3,179,071.74. This represents a 20.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Amy Marie Wilkinson sold 20,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the transaction, the director owned 262,136 shares of the company’s stock, valued at $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 64,505 shares of company stock worth $6,479,788. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. GAMMA Investing LLC acquired a new stake in Hut 8 during the fourth quarter worth about $30,000. Imprint Wealth LLC acquired a new stake in Hut 8 during the fourth quarter worth about $38,000. Russell Investments Group Ltd. increased its stake in 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 acquiring an additional 1,719 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in Hut 8 during the first quarter worth about $47,000. Finally, Activest Wealth Management acquired a new stake in Hut 8 during the fourth quarter worth about $49,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

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.