Canaccord Genuity Group Increases Hut 8 (NASDAQ:HUT) Price Target to $32.00

Hut 8 (NASDAQ:HUT) had its target price increased by investment analysts at Canaccord Genuity Group from $22.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 38.29% from the company’s current price.

HUT has been the topic of a number of other reports. Needham & Company LLC lifted their price target on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum increased 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. HC Wainwright upped their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Benchmark increased their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Stifel Nicolaus raised their price objective on 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 analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $30.17.

Hut 8 Trading Down 6.6 %

Shares of Hut 8 stock traded down $1.64 during trading hours on Thursday, hitting $23.14. The company’s stock had a trading volume of 7,227,864 shares, compared to its average volume of 5,094,073. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. The stock has a 50 day moving average of $13.87 and a 200 day moving average of $12.74. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Analysts anticipate that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. This trade represents a 39.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Swiss National Bank lifted its holdings in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after acquiring an additional 54,100 shares during the last quarter. Vanguard Group Inc. raised 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 period. Vident Advisory LLC grew its holdings in shares of Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after purchasing an additional 255,307 shares during the period. Tidal Investments LLC acquired a new stake in shares of Hut 8 in the first quarter valued at $18,191,000. Finally, Westend Capital Management LLC grew its stake in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after purchasing an additional 7,827 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.