Stifel Nicolaus Boosts Hut 8 (NASDAQ:HUT) Price Target to $18.00

by · The Markets Daily

Hut 8 (NASDAQ:HUT – Get Free Report) had its price target boosted by investment analysts at Stifel Nicolaus from $15.00 to $18.00 in a report released on Wednesday, BayStreet.CA reports. The brokerage currently has a “speculative buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential downside of 0.50% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Needham & Company LLC upped their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Craig Hallum boosted their price target on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Benchmark reissued a “buy” rating and set a $17.00 target price on shares of Hut 8 in a report on Monday, October 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $17.00.

View Our Latest Analysis on Hut 8

Hut 8 Stock Performance

NASDAQ HUT traded up $0.91 during trading on Wednesday, reaching $18.09. 4,524,849 shares of the stock traded hands, compared to its average volume of 4,907,520. The stock’s 50-day moving average price is $12.00 and its 200 day moving average price is $11.92. 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 has a fifty-two week low of $6.18 and a fifty-two week high of $21.10.

Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. Equities research analysts predict that Hut 8 will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In related news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Amalgamated Bank bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $42,000. Victory Capital Management Inc. bought a new stake in Hut 8 in the second quarter valued at approximately $154,000. Dimensional Fund Advisors LP acquired a new stake in Hut 8 during the 2nd quarter valued at approximately $200,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after purchasing an additional 3,105 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Hut 8 in the 1st quarter worth approximately $255,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

(Get Free Report)

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.

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