Hut 8 (NASDAQ:HUT) Upgraded by Wells Fargo & Company to Strong-Buy Rating

Hut 8 (NASDAQ:HUT) was upgraded by stock analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other analysts have also weighed in on HUT. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Benchmark upped their target price on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Compass Point set a $195.00 price target on shares of Hut 8 in a report on Wednesday, July 22nd. B. Riley Financial boosted their price objective on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, Morgan Stanley began coverage on Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus target price of $146.40.

Hut 8 Trading Up 1.3%

NASDAQ HUT opened at $90.99 on Thursday. Hut 8 has a 12 month low of $31.67 and a 12 month high of $140.80. The stock has a market cap of $11.22 billion, a P/E ratio of -16.70 and a beta of 4.51. The stock’s fifty day moving average price is $93.10 and its 200-day moving average price is $88.73. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

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

Insider Activity at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on 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 directly owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently added to or reduced their stakes in the stock. Van Hulzen Asset Management LLC purchased a new position in shares of Hut 8 in the 2nd quarter worth $225,000. WINTON GROUP Ltd purchased a new stake in Hut 8 during the second quarter valued at $8,162,000. Engineers Gate Manager LP purchased a new stake in Hut 8 during the second quarter valued at $275,000. Steamboat Capital Partners LLC bought a new position in Hut 8 in the second quarter valued at about $7,298,000. Finally, Allworth Financial LP lifted its holdings in Hut 8 by 18.5% in the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after acquiring an additional 213 shares during the period. Institutional investors own 31.75% of the company’s stock.

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.