Hut 8 (NASDAQ:HUT) Given New $55.00 Price Target at Keefe, Bruyette & Woods

Hut 8 (NASDAQ:HUT) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $30.00 to $55.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 42.52% from the company’s previous close.

Several other brokerages have also recently commented on HUT. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Wall Street Zen raised shares of Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Hut 8 in a research report on Thursday. Rosenblatt Securities reissued a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a research note on Thursday. Finally, JMP Securities lifted their price objective on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $53.76.

Hut 8 Trading Down 3.9%

HUT stock opened at $38.59 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. Hut 8 has a twelve month low of $10.04 and a twelve month high of $57.29. The company has a market cap of $4.17 billion, a P/E ratio of -98.95 and a beta of 4.41. The business has a fifty day moving average of $43.67 and a 200-day moving average of $31.35.

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

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in HUT. Nisa Investment Advisors LLC raised its stake in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares in the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 during the first quarter worth about $32,000. Russell Investments Group Ltd. raised its position in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after purchasing an additional 907 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

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.