Hut 8 (NASDAQ:HUT) Price Target Raised to $18.00

Hut 8 (NASDAQ:HUT) had its price target upped by Stifel Nicolaus from $15.00 to $18.00 in a research note issued to investors on Wednesday, BayStreet.CA reports. Stifel Nicolaus currently has a speculative buy rating on the stock.

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

Hut 8 Price Performance

NASDAQ:HUT traded up $0.23 during trading hours on Wednesday, hitting $16.02. The company’s stock had a trading volume of 6,521,859 shares, compared to its average volume of 4,936,784. The stock has a fifty day simple moving average of $12.27 and a 200-day simple moving average of $12.05. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a twelve month low of $6.18 and a twelve month high of $21.10.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. As a group, equities analysts anticipate that Hut 8 will post -0.56 EPS for the current year.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 12.00% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp lifted its position in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the period. Swiss National Bank boosted its stake in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after purchasing an additional 54,100 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Hut 8 in the first quarter valued at about $255,000. Vanguard Group Inc. lifted its holdings in Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Finally, Vident Advisory LLC grew its position in shares of Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after acquiring an additional 255,307 shares during the period. 31.75% of the stock is currently owned by institutional investors.

About Hut 8

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.