Hut 8 (NASDAQ:HUT) Downgraded to Sell at HC Wainwright

Hut 8 (NASDAQ:HUTGet Free Report) was downgraded by investment analysts at HC Wainwright from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, reports. They presently have a $5.50 price objective on the stock. HC Wainwright’s price target points to a potential downside of 18.76% from the company’s previous close.

Several other research firms also recently weighed in on HUT. Canaccord Genuity Group restated a “buy” rating and set a $3.50 price objective on shares of Hut 8 in a report on Wednesday, November 15th. Stifel Nicolaus raised their price target on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th.

Read Our Latest Analysis on HUT

Hut 8 Stock Down 1.6 %

Hut 8 stock opened at $6.77 on Tuesday. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $300.25 million, a PE ratio of -2.46 and a beta of 3.90. The firm’s fifty day moving average is $10.03 and its 200 day moving average is $5.01. Hut 8 has a 12-month low of $6.05 and a 12-month high of $22.75.

Hut 8 (NASDAQ:HUTGet Free Report) last issued its earnings results on Tuesday, November 14th. The company reported ($0.45) EPS for the quarter, meeting the consensus estimate of ($0.45). Hut 8 had a negative return on equity of 24.58% and a negative net margin of 184.31%. The company had revenue of $12.66 million during the quarter, compared to the consensus estimate of $27.78 million. As a group, sell-side analysts predict that Hut 8 will post -1.05 EPS for the current fiscal year.

Institutional Trading of Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Engineers Gate Manager LP bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $27,000. Quantbot Technologies LP purchased a new stake in shares of Hut 8 in the 1st quarter worth about $28,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Hut 8 in the 2nd quarter worth about $28,000. Golden Green Inc. purchased a new position in Hut 8 during the 3rd quarter valued at about $29,000. Finally, Two Sigma Investments LP bought a new stake in Hut 8 during the fourth quarter worth about $33,000. 11.80% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

(Get Free Report)

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.

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