These Analysts Lower Their Forecasts On Hut 8 Following Q3 Results

Hut 8 Corp (NASDAQ:HUT) on Wednesday posted mixed results for the third quarter.

The company reported quarterly earnings of 98 cents per share which beat the analyst consensus estimate of a loss of 73 cents per share, according to data from Benzinga Pro. The company reported quarterly sales of $71.071 million which missed the analyst consensus estimate of $75.928 million.

Asher Genoot, CEO of Hut 8, said, “In the third quarter, we executed our power-first strategy at greater scale, broadening our origination program across geographies, entering into definitive agreements to acquire two energized sites in Texas, fully commercializing our Beacon Point campus, advancing the construction of our two AI data center campuses, and expanding our funding capacity in a manner designed to minimize recourse to the parent and dilution to shareholders.”

Hut 8 shares fell 2.4% to $47.75 in pre-market trading

These analysts made changes to their price targets on Hut 8 following earnings announcement.

• Needham analyst John Todaro maintained the stock with a Buy and lowered the price target from $138 to $101.
• Cantor Fitzgerald analyst Brett Knoblauch maintained the stock with an Overweight rating and cut the price target from $151 to $127.

Considering buying HUT stock? Here’s what analysts think:

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