Hut 8 (NASDAQ:HUT) Upgraded to “Strong-Buy” at Roth Capital

Roth Capital upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research report released on Wednesday morning,Zacks reports.

A number of other analysts also recently commented on the company. BTIG Research boosted their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. B. Riley Financial lifted their target price on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Compass Point set a $195.00 price target on shares of Hut 8 in a research report on Wednesday, July 22nd. Canaccord Genuity Group restated a “buy” rating and set a $130.00 price objective on shares of Hut 8 in a research report on Wednesday. Finally, Wall Street Zen downgraded shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus price target of $145.23.

Hut 8 Stock Down 10.9%

Hut 8 stock opened at $79.59 on Wednesday. Hut 8 has a 52 week low of $31.67 and a 52 week high of $140.80. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of -14.60 and a beta of 4.62. The company’s 50-day moving average price is $90.54 and its two-hundred day moving average price is $93.37. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the business earned $1.18 earnings per share. On average, analysts expect that Hut 8 will post -2.98 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently bought and sold shares of HUT. Canada Pension Plan Investment Board acquired a new stake in Hut 8 during the second quarter valued at $45,301,000. Dimensional Fund Advisors LP boosted its position in Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after purchasing an additional 20,813 shares during the period. Dayah Capital LLC grew its holdings in Hut 8 by 12.6% during the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after purchasing an additional 24,456 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Hut 8 in the first quarter valued at approximately $4,358,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Hut 8 in the second quarter valued at approximately $2,124,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.