Hut 8 (NASDAQ:HUT) Rating Increased to Strong-Buy at Jefferies Financial Group

Hut 8 (NASDAQ:HUT) was upgraded by equities researchers at Jefferies Financial Group to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

HUT has been the topic of a number of other research reports. Needham & Company LLC increased their price objective on Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen lowered Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Compass Point set a $130.00 price target on Hut 8 in a research note on Wednesday. Citizens Jmp raised their price target on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Finally, Piper Sandler raised their price target on Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $107.72.

Hut 8 Stock Up 1.0%

HUT opened at $109.37 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The firm has a market cap of $12.31 billion, a P/E ratio of -36.46 and a beta of 4.48. Hut 8 has a 52 week low of $14.74 and a 52 week high of $112.26. The business’s fifty day simple moving average is $65.92 and its 200 day simple moving average is $55.39.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. As a group, equities research analysts anticipate that Hut 8 will post -1.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Victor Semah sold 10,518 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the transaction, the insider directly owned 41,378 shares in the company, valued at $3,179,071.74. This trade represents a 20.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Joseph Glennan sold 4,625 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the transaction, the chief financial officer owned 12,068 shares in the company, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 54,628 shares of company stock valued at $4,960,721. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Large investors have recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Hut 8 in the 4th quarter worth about $30,000. Imprint Wealth LLC purchased a new position in shares of Hut 8 in the 4th quarter worth about $38,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% in the 2nd 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. Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 in the 1st quarter worth about $47,000. Finally, Activest Wealth Management purchased a new position in shares of Hut 8 in the 4th quarter worth about $49,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Company Profile

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.