Hut 8 (NASDAQ:HUT) Stock Price Target Lowered at Jefferies Financial Group

Hut 8 (NASDAQ:HUT) had its price target lowered by Jefferies Financial Group from $90.00 to $81.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group‘s price objective suggests a potential upside of 42.68% from the stock’s current price.

Several other equities research analysts have also weighed in on HUT. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. Wall Street Zen raised shares of Hut 8 from a “strong sell” rating to a “sell” rating in a report on Saturday. Rothschild & Co Redburn started coverage on shares of Hut 8 in a research report on Monday, September 21st. They set a “neutral” rating and a $96.00 target price for the company. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Finally, Benchmark lifted 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. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus target price of $134.05.

Hut 8 Stock Performance

NASDAQ:HUT traded down $0.25 during trading hours on Tuesday, reaching $56.77. The stock had a trading volume of 4,306,803 shares, compared to its average volume of 5,076,050. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a 50 day simple moving average of $80.49 and a 200 day simple moving average of $82.17. 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 $7.00 billion, a P/E ratio of -11.59 and a beta of 4.53.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $1.70. Hut 8 had a negative return on equity of 9.99% and a negative net margin of 169.76%. The firm had revenue of $71.07 million for the quarter, compared to analyst estimates of $75.78 million. On average, research analysts forecast that Hut 8 will post -1.33 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Hut 8

A number of large investors have recently modified their holdings of HUT. BlackRock Inc. purchased a new position in Hut 8 during the second quarter valued at approximately $1,093,294,000. Avala Global LP bought a new position in Hut 8 in the 2nd quarter valued at $144,602,000. Voya Investment Management LLC grew its position in shares of Hut 8 by 424.9% during the 3rd quarter. Voya Investment Management LLC now owns 929,317 shares of the company’s stock valued at $80,014,000 after purchasing an additional 752,275 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Hut 8 during the 2nd quarter valued at $97,949,000. Finally, Montanova Capital LLC purchased a new position in shares of Hut 8 during the 2nd quarter valued at $77,348,000. 31.75% of the stock is currently owned by institutional investors.

About Hut 8

Hut 8 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads. The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.