HC Wainwright Increases Hut 8 (NASDAQ:HUT) Price Target to $35.00

Hut 8 (NASDAQ:HUT) had its price target upped by analysts at HC Wainwright from $26.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 38.56% from the stock’s current price. HC Wainwright also issued estimates for Hut 8’s Q1 2025 earnings at ($0.21) EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.10 EPS, Q3 2025 earnings at $0.15 EPS, Q4 2025 earnings at $0.19 EPS and Q4 2025 earnings at $0.17 EPS.

HUT has been the topic of a number of other reports. Stifel Nicolaus boosted their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum lifted their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Needham & Company LLC boosted their target price on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Benchmark raised their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 presently has an average rating of “Buy” and an average price target of $30.17.

Hut 8 Price Performance

Shares of HUT opened at $25.26 on Thursday. The stock’s 50-day moving average price is $14.15 and its two-hundred day moving average price is $12.82. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. As a group, research analysts expect that Hut 8 will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter worth $40,000. Amalgamated Bank bought a new stake in Hut 8 in the 2nd quarter worth about $42,000. Intech Investment Management LLC purchased a new stake in Hut 8 in the 3rd quarter valued at about $133,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 during the 2nd quarter worth approximately $154,000. Finally, XTX Topco Ltd purchased a new position in shares of Hut 8 in the 3rd quarter worth approximately $162,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.