Hut 8 (NASDAQ:HUT) Stock Gets Price Target Reduction from Morgan Stanley

Hut 8 (NASDAQ:HUT) had its price objective decreased by Morgan Stanley from $275.00 to $184.00 in a research note released on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $130.00 price objective on shares of Hut 8 in a report on Wednesday, October 7th. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Cantor Fitzgerald cut their price objective on shares of Hut 8 from $151.00 to $127.00 and set an “overweight” rating on the stock in a research note on Thursday, November 5th. Finally, Compass Point set a $195.00 target price on shares of Hut 8 in a research note on Wednesday, July 22nd. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $134.05.

Hut 8 Stock Up 7.6%

NASDAQ HUT opened at $61.06 on Monday. Hut 8 has a one year low of $31.67 and a one year high of $140.80. The business’s fifty day moving average is $79.72 and its 200-day moving average is $82.20. The company has a current ratio of 9.48, a quick ratio of 9.48 and a debt-to-equity ratio of 3.84.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of ($0.72) by $1.70. Hut 8 had a negative net margin of 169.76% and a negative return on equity of 9.68%. The business had revenue of $71.07 million for the quarter, compared to the consensus estimate of $75.78 million. As a group, equities research analysts anticipate that Hut 8 will post -0.64 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In related news, Director Mayo Shattuck, III sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director owned 89,408 shares of the company’s stock, valued at approximately $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on 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 directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arlington Trust Co LLC lifted its position in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the period. GK Wealth Management LLC purchased a new stake in shares of Hut 8 in the third quarter worth approximately $25,000. Parkside Financial Bank & Trust increased its stake in shares of Hut 8 by 258.5% in the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after acquiring an additional 274 shares during the last quarter. Heritage Family Offices LLP bought a new position in Hut 8 during the third quarter valued at approximately $35,000. Finally, Advisors Asset Management Inc. acquired a new stake in shares of Hut 8 in the 3rd quarter valued at $37,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.