Fintel reports that on December 12, 2024, Jones Trading initiated coverage of Hut 8 (NasdaqGS:HUT) with a Buy recommendation.
Analyst Price Forecast Suggests 31.77% Downside
As of December 3, 2024, the average one-year price target for Hut 8 is $18.63/share. The forecasts range from a low of $7.94 to a high of $25.98. The average price target represents a decrease of 31.77% from its latest reported closing price of $27.30 / share.
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The projected annual revenue for Hut 8 is 118MM, a decrease of 39.13%. The projected annual non-GAAP EPS is -0.41.
What is the Fund Sentiment?
There are 298 funds or institutions reporting positions in Hut 8. This is an increase of 100 owner(s) or 50.51% in the last quarter. Average portfolio weight of all funds dedicated to HUT is 0.20%, an increase of 27.24%. Total shares owned by institutions increased in the last three months by 17.22% to 53,327K shares. 
The put/call ratio of HUT is 0.41, indicating a bullish outlook.
What are Other Shareholders Doing?
Hampton Road Capital Management holds 2,631K shares representing 2.81% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,543K shares representing 2.72% ownership of the company. In its prior filing, the firm reported owning 2,540K shares , representing an increase of 0.12%. The firm decreased its portfolio allocation in HUT by 23.09% over the last quarter.
Geode Capital Management holds 2,194K shares representing 2.34% ownership of the company. In its prior filing, the firm reported owning 1,812K shares , representing an increase of 17.40%. The firm decreased its portfolio allocation in HUT by 8.63% over the last quarter.
IWM - iShares Russell 2000 ETF holds 2,103K shares representing 2.25% ownership of the company.
VITAX - Vanguard Information Technology Index Fund Admiral Shares holds 1,893K shares representing 2.02% ownership of the company.
Hut 8 Mining Background Information
(This description is provided by the company.)
Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.
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