Hut 8 (NASDAQ:HUT) Upgraded at Rothschild & Co Redburn

Hut 8 (NASDAQ:HUT) was upgraded by stock analysts at Rothschild & Co Redburn to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company assumed coverage on shares of Hut 8 in a report on Thursday. They set an “overweight” rating and a $175.00 price objective for the company. Morgan Stanley started coverage on Hut 8 in a report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective for the company. Keefe, Bruyette & Woods dropped their target price on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Maxim Group raised Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Finally, Compass Point set a $195.00 target price on Hut 8 in a research report on Wednesday, July 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $144.00.

Hut 8 Trading Up 4.7%

NASDAQ HUT opened at $103.42 on Monday. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a 52 week low of $31.67 and a 52 week high of $140.80. The business has a 50 day moving average price of $93.11 and a 200-day moving average price of $89.45. The company has a market cap of $12.75 billion, a price-to-earnings ratio of -18.98 and a beta of 4.51.

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

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction dated Monday, August 24th. The shares were 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 owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds have recently bought and sold shares of the business. Arlington Trust Co LLC boosted its holdings in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after buying an additional 175 shares during the last quarter. Parkside Financial Bank & Trust raised its position in Hut 8 by 258.5% in the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after acquiring an additional 274 shares during the period. CoreCap Advisors LLC boosted its stake in Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the last quarter. Harbor Investment Advisory LLC purchased a new position in Hut 8 in the first quarter valued at about $47,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Hut 8 during the 2nd quarter valued at approximately $119,000. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Company Profile

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.