Wall Street Zen Downgrades Hut 8 (NASDAQ:HUT) to Sell

Hut 8 (NASDAQ:HUT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Friday.

A number of other research analysts have also weighed in on HUT. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a research note on Monday, December 29th. Northland Securities set a $58.00 price target on Hut 8 in a research report on Wednesday, November 5th. Roth Mkm reissued a “buy” rating on shares of Hut 8 in a report on Tuesday, December 23rd. Keefe, Bruyette & Woods raised their target price on Hut 8 from $30.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, December 19th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $56.76.

Hut 8 Stock Up 5.6%

HUT stock opened at $58.22 on Friday. The stock has a fifty day moving average of $47.83 and a 200-day moving average of $38.07. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $62.91. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -149.28 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. The business had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. As a group, equities research analysts predict that Hut 8 will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in Hut 8 in the fourth quarter valued at approximately $30,000. Farther Finance Advisors LLC increased its holdings in shares of Hut 8 by 1,578.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock worth $64,000 after buying an additional 1,310 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after buying an additional 815 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after buying an additional 655 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock worth $79,000 after acquiring an additional 907 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.