Hut 8 (NASDAQ:HUT) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report released on Wednesday, Benzinga reports. The brokerage currently has a $22.00 price target on the stock.

A number of other research analysts also recently weighed in on HUT. HC Wainwright raised shares of Hut 8 from a sell rating to a buy rating and raised their target price for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Needham & Company LLC reaffirmed a buy rating and issued a $15.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum raised their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a buy rating in a research report on Friday, June 14th. Finally, Benchmark reaffirmed a buy rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $16.08.

Hut 8 Stock Performance

Hut 8 stock opened at $12.57 on Wednesday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $21.10. The company has a fifty day simple moving average of $14.53 and a 200 day simple moving average of $10.83. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. Corporate insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds have recently modified their holdings of HUT. Vanguard Group Inc. lifted its stake in shares of Hut 8 by 8,329.2% during the 1st 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 last quarter. Tidal Investments LLC acquired a new stake in shares of Hut 8 during the 1st quarter worth about $18,191,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $17,388,000. Van ECK Associates Corp lifted its stake in shares of Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after buying an additional 558,824 shares during the last quarter. Finally, Westend Capital Management LLC bought a new position in Hut 8 during the first quarter worth about $5,190,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.