Equities Analysts Issue Forecasts for Hut 8 FY2024 Earnings

Hut 8 Corp. (NASDAQ:HUT) – Analysts at HC Wainwright boosted their FY2024 earnings estimates for Hut 8 in a research report issued to clients and investors on Thursday, November 14th. HC Wainwright analyst M. Colonnese now expects that the company will earn ($0.26) per share for the year, up from their previous forecast of ($0.55). HC Wainwright has a “Buy” rating and a $35.00 price objective on the stock. The consensus estimate for Hut 8’s current full-year earnings is ($0.26) per share. HC Wainwright also issued estimates for Hut 8’s Q4 2024 earnings at ($0.18) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at $0.11 EPS and FY2025 earnings at $0.33 EPS.

A number of other equities research analysts also recently weighed in on HUT. Needham & Company LLC lifted their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum raised their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark lifted their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group boosted their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Up 1.1 %

Shares of NASDAQ:HUT opened at $25.32 on Monday. The stock’s 50-day moving average is $14.77 and its 200-day moving average is $13.12. Hut 8 has a 52-week low of $6.18 and a 52-week high of $28.47. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of the company. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $17,388,000. Vanguard Group Inc. increased its position in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. Millennium Management LLC grew its holdings in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares during the period. Swiss National Bank grew its holdings in Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares during the period. Finally, Ninepoint Partners LP acquired a new position in shares of Hut 8 during the second quarter valued at about $720,000. 31.75% of the stock is owned by institutional investors.

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.