HC Wainwright Initiates Coverage on Hut 8 (NASDAQ:HUT)

Equities research analysts at HC Wainwright assumed coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $80.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 43.29% from the company’s previous close.

HUT has been the subject of a number of other research reports. Benchmark reiterated a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $65.00 price target on shares of Hut 8 in a research note on Thursday, December 18th. Canaccord Genuity Group upped their price objective on Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Wall Street Zen raised shares of Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $62.35.

Hut 8 Trading Down 9.3%

NASDAQ:HUT opened at $55.83 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The company’s 50-day simple moving average is $50.20 and its 200 day simple moving average is $39.53. Hut 8 has a one year low of $10.04 and a one year high of $66.07. The firm has a market capitalization of $6.03 billion, a P/E ratio of -143.15 and a beta of 4.42.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The company had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. As a group, analysts forecast that Hut 8 will post -0.53 EPS for the current fiscal year.

Institutional Trading of Hut 8

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Hut 8 by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock valued at $366,526,000 after buying an additional 250,320 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after purchasing an additional 504,652 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Hut 8 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after buying an additional 309,113 shares during the period. Value Aligned Research Advisors LLC boosted its position in Hut 8 by 110.2% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after purchasing an additional 1,021,955 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Hut 8 by 45.5% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,555,800 shares of the company’s stock worth $54,156,000 after buying an additional 486,721 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

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.