Canaccord Genuity Group Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT) had its price target boosted by equities researchers at Canaccord Genuity Group from $22.00 to $32.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 38.29% from the stock’s previous close.

HUT has been the subject of several other reports. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Stifel Nicolaus boosted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. HC Wainwright lifted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Benchmark lifted their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC raised their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $30.17.

Hut 8 Price Performance

Shares of NASDAQ HUT traded down $1.64 during mid-day trading on Thursday, hitting $23.14. 7,227,864 shares of the company traded hands, compared to its average volume of 5,094,073. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a 1 year low of $6.18 and a 1 year high of $28.47. The business has a 50 day moving average of $13.87 and a two-hundred day moving average of $12.74.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. As a group, analysts predict that Hut 8 will post -0.55 earnings per share for the current year.

Insider Activity

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the business’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 completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The trade was a 39.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 12.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. lifted its position in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC acquired a new position in Hut 8 in the 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 during the second quarter worth about $17,388,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hut 8 in the third quarter valued at approximately $9,997,000. Finally, Bank of New York Mellon Corp purchased a new stake in Hut 8 during the 2nd quarter worth approximately $4,390,000. 31.75% of the stock is currently 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.